Corn: December corn closed 7 1/2 cents lower at $4.08 1/4, below the 40-day moving average. A gap lower overnight set the tone for corn futures, though the weakness across corn futures was deepened by followthrough selling in wheat and lacking outside market support, which included a U.S. dollar rally to a nine-week high.
Soybeans: November soybeans sunk 9 1/2 cents to $9.96, closing on session lows. December meal futures climbed 20 cents to $315.3, near mid-range. December bean oil lost 143 points to 41.90 cents, near session lows. Soybeans struggled and failed to reverse overnight weakness following this morning’s open, ultimately closing nearer session lows.
Wheat: December SRW wheat fell 13 3/4 cents to $5.85 1/4 and near the daily low. December HRW wheat dropped 14 1/2 cents to $5.90 and near the session low. December spring wheat futures sunk 17 1/4 cents to $6.26 1/2. The wheat futures markets started out the trading week under selling pressure amid solid losses in the corn futures market and weaker soybean prices.
Cotton: December cotton fell 118 points to 71.03 cents, closing nearer the session low. December cotton futures faced pressure to begin the week, stemming from lacking outside market support, though technical support limited selling interest.
Cattle: December live cattle rose 35 cents to $187.925, nearer the session high. Prices Friday hit a 2.5-month high. November feeder cattle fell 22 1/2 cents to $249.575, nearer the session low and hit a 2.5-month high early on. The cattle futures markets continue to be supported by better cash market fundamentals.
Hogs: December lean hog futures plunged $1.85 to $75.80. October futures went off the board at $84.10, up 2.5 cents on the day. Deferred lean hog futures underwent heavy selling pressure today as technical resistance gripped hold of the market.