Corn: March corn futures fell 1 1/2 cents to $4.43 1/2, near mid-range. The corn futures market saw some more mild profit-taking pressure from the speculators today, following recent gains of the past few weeks.
Soybeans: January soybeans fell 5 1/4 cents to $9.76 3/4, marking the lowest close since Aug. 16, while January soymeal rose 30 cents to $287.20 after marking a contract low in early trade. January soyoil fell 110 points to 40.62 cents, the lowest close since Sept. 18. January soybeans extended to a fresh contract low around midmorning as heavy selling in soyoil, by way of crude oil weakness, continued to pressure the complex.
Wheat: March SRW futures fell a nickel to $5.45 and settled nearer session lows. March HRW futures sunk 6 3/4 cents to $5.52 1/2. March HRS futures fell a nickel to $5.95. Winter wheat futures continue to trend lower, closing in on contract lows, despite growing attention to tightening global supplies.
Cotton: March cotton fell 37 points to 68.69 cents, marking the lowest close since Aug. 14. Cotton futures faced selling for a third straight session, with pressure stemming from crude oil weakness and a downtrodden tone in equities.
Cattle: February live cattle futures fell 22.5 cents to $189.75 while nearby December futures climbed 22.5 cents to $192.25. January feeder cattle futures surged $1.925 to $257.475 and settled nearer session highs. Live cattle futures saw modest followthrough selling pressure today, faring better than anticipated in the wake of yesterday’s breakdown.
Hogs: February lean hogs fell 35 cents to $83.20, nearer the daily low and closed at a four-week-low close. Mild technical selling pressure from the speculators was featured today as prices are now trending lower on the daily chart, to suggest a market top is in place.