Corn: December corn futures fell 7 cents to $4.01 1/4 and near the session low. Prices hit a five-week low today. The corn market this week is seeing accelerated technical selling pressure from the shorter-term speculative traders as the chart posture for corn has rapidly deteriorated the past few trading sessions.
Soybeans: November soybeans fell a nickel to $9.91, while December soymeal fell $3.50 to $311.80. Both marked seven-week low closes. December soyoil rose 55 points to 42.45 cents, a near mid-range close. Soybean futures extended losses for a fourth straight session and have fallen 88 3/4 cents from the Sept. 30 high to today’s intraday low.
Wheat: December SRW futures sunk 5 3/4 cents to $5.79 1/2 and closed nearer session lows. December HRW futures fell 7 cents to $5.83, nearer session lows. December HRS futures fell 10 1/4 cents to $6.16 1/4. Wheat futures continue to undergo selling pressure as prices closed lower for the third consecutive session.
Cotton: December cotton fell 41 points to 70.62 cents, a more than one-month low close. December cotton futures continue to face technical challenges, though today’s losses were rather modest despite heavy selling in crude oil futures and a mostly subdued tone across equities.
Cattle: December live cattle futures sunk $1.40 to $186.525 today. November feeder cattle futures plunged $3.10 to $246.475. Live cattle and feeder cattle futures both succumbed to selling pressure today, coinciding with the overall risk-off tone seen in the marketplace today.
Hogs: December lean hogs fell 57 1/2 cents to $75.225, near the session low. The lean hog futures market today saw follow-through selling after Monday’s solid losses.