Corn: December corn futures closed down 1 3/4 cents to $4.05 1/4 and near mid-range. Corn futures saw modest selling pressure today amid still fully bearish technicals and good prospects for a bountiful harvest.
Soybeans: November soybeans fell 14 cents to $10.26 3/4, while December soymeal closed $5.20 lower at $326.60, with both ending nearer the session low. September soyoil fell 24 cents to 40.85 cents, marking a high-range close after reaching a fresh contract low early on. Soybean futures spent the session trading within Monday’s range, with spillover pressure stemming from soy derivatives, while technical resistance also continued to curb buying interest.
Wheat: December SRW futures firmed 3 1/4 cents to $5.66 1/2 while December HRW futures rose 1 1/2 cents to $5.78 1/4. September HRS futures climbed a nickel to $5.92 1/2. Wheat futures continue to trade in volatile, directionless trade as bulls and bears fight for the technical advantage.
Cotton: December cotton slipped 48 cents to 67.30 cents, a new contract-low close. Cotton futures continued to be driven lower by technical pressure and returned U.S. dollar strength, though the downside was limited by modest gain in crude oil futures and strength in equities following Monday’s hefty selloff.
Cattle: October live cattle futures traded on either side of unchanged before firming a nickel to $179.05. Nearby August futures rose 42.50 cents to $181.975, while deferred futures posted losses. September feeder futures sunk 67.50 cents to $240.575. Cattle futures opened higher but struggled to maintain early gains as sellers emerged shortly after the open.
Hogs: October lean hogs rose 67 1/2 cents at $76.40 and near mid-range. Improved risk appetite in the general marketplace today prompted some buying interest in lean hog futures.