Corn: December corn futures fell 1 1/2 cents to $4.28 1/2 and nearer the session low. The corn futures market is seeing some mild profit-taking from the shorter-term traders early this week, following last week’s good gains.
Soybeans: January soybeans fell 11 3/4 cents to $10.10 1/2, closing nearer the session low, while December soymeal closed $2.20 lower at $292.90, marking a fresh contract low close. December soyoil plunged 191 points to 46.23 cents, marking the largest daily loss since July 26. Soybean futures extended Monday’s weakness, with heavy losses in soyoil futures and a surging U.S. dollar to a more than six-month high serving as an open invite for sellers.
Wheat: December SRW futures plunged 13 1/4 cents to $5.52 1/4, settling near session lows. December HRW futures dropped 13 cents to $5.46 1/2. December spring wheat futures fell 14 1/4 cents to $5.77 3/4. Wheat futures endured heavy selling pressure, breaking yesterday’s lows and closing at the lowest mark in over two months.
Cotton: December cotton fell 92 points to 68.77 cents, closing near the session low. Cotton futures extended Monday’s losses, edging to a two-month low in late-morning trade as the U.S. dollar rocketed higher and equities turned lower in the wake of recent gains.
Cattle: December live cattle futures rallied 70 cents to $184.40 and settled nearer session highs. January feeder futures settled $1.325 higher at $243.575, near session highs. Cattle futures saw modest corrective strength today as prices continue in an orderly downtrend on the daily bar chart.
Hogs: December lean hogs rose 57 1/2 cents to $82.35, nearer the daily low. The lean hog futures bulls have made a good recovery so far this week, after last week’s losses.