Corn: December corn fell 1 1/4 cents to $4.07 1/4, a high-range close after reaching a fresh near-term low early on. Corn futures extended to a fresh near-term low in narrow trade but closed off the session low.
Soybeans: August soybeans dropped 18 cents to $11.13 1/4, near the session low and hit a contract low. September soybean meal closed down $4.00 at $321.20, near the session low and also hit a contract low. September soybean oil closed down 65 points at 46.14 cents and near the session low. Generally favorable growing weather in most of the Midwest and firmly bearish charts for soybeans, meal and bean oil had the soy complex bears in control again today.
Wheat: December SRW wheat fell 10 1/2 cents to $5.85, marking a two-week low close, while December HRW wheat fell 12 1/2 cents to $5.83 3/4, a four-month low close. December HRS futures fell 6 3/4 cents to $6.29 1/2. Wheat futures ended the session off the two-week lows forged in early trade, though technical pressure continued to limit moves into positive territory.
Cotton: December cotton closed up 38 points at 70.93 cents and near mid-range. December futures prices hit a three-week low early on today. Nearby cotton futures this week dropped to a nearly four-year low. The cotton futures market today saw tepid short covering in a bear market.
Cattle: The cattle complex continued falling in response to huge Tuesday cash losses. August live cattle futures slid 10 cents to $182.25, whereas August feeder futures tumbled $1.375 to $254.35. The string of record highs in the fed cattle market is likely to end this week, especially in the wake of today’s report concerning Tuesday’s cash activity.
Hogs: August lean hog futures settled a tick above limit down, plunging $3.725 to $84.675, leading the hog complex lower today. Lean hog futures underwent heavy selling pressure, marking fresh contract lows across several contracts as pessimism over the cash market persists.