Corn: December corn slid 3 3/4 cents to $3.97, marking a fresh near-term low close after carving fresh daily lows late in the session. Corn futures slid for a third straight session, while another day of U.S. dollar strength continued to overshadow support from follow-through gains in crude oil.
Soybeans: November soybeans fell 10 1/2 cents to $10.08 1/4, a fresh near-term low, while December soymeal slipped $2.20 to $316.10, marking a low-range close. September soyoil rose a modest 10 cents to 42.17 cents. Big new-crop soybean sales were apparently unimpressive to traders today, as sales continue well behind normal.
Wheat: December SRW wheat fell 1/2 cent to $5.61 1/4 and near mid-range. December HRW wheat fell 3 1/2 cents to $5.68 3/4 and near mid-range. September spring wheat fell 1/2 cent to $5.85 1/4. Winter wheat futures traders were in a pause mode today, seemingly waiting to see what develops in the key outside markets that have been more volatile this week.
Cotton: December cotton fell 49 points to 67.24 cents and forged a high-range close after marking a new contract low early on. December cotton futures extended to a fresh contract low in early trade but managed to rebound from session lows, as firming equities and an extended crude oil rally likely offset woes stemming from U.S. dollar strength and tepid export sales data.
Cattle: October live cattle fell $1.25 to $178.025, nearer the session low and posted a nearly three-month-low close. October feeder cattle closed down $2.125 at $236.00, nearer the session low and hit a contract low. Trader concerns about consumer demand for beef amid U.S. economic recession worries amid a wobbly U.S. stock market, and deteriorating cash market fundamentals, weighed heavily on cattle futures markets today.
Hogs: Big wholesale losses are undercutting hog futures. The expiring August contract slid 57.5 cents to $90.025, while most-active October tumbled 95 cents to $73.625. As has been widely anticipated, the CME lean hog index is slipping lower as seasonal forces, particularly increased hog supplies and diminished consumer buying, point the complex lower.