Corn: December corn fell 4 1/2 cents to $4.10 3/4, closing nearer the session low. Corn futures extended lower for the third session as strong selling in crude oil futures hovered over prices to begin the week.
Soybeans: November soybean futures sunk 13 3/4 cents to $9.74 and closed on session lows. December meal futures fell $1.00 to $304.80, near mid-range. December bean oil futures plunged 146 points to 42.69 cents, near session lows. Soybeans led weakness overnight and continued to trade lower throughout today’s session, already negating much of last week’s rally.
Wheat: December SRW wheat fell 10 1/4 cents to $5.58 3/4, near the session low and hit a seven-week low. December HRW wheat lost 10 1/2 cents to $5.61 1/2, near the session low and hit a five-week low. December spring wheat futures fell 10 1/4 cents to $5.95. The winter wheat futures markets featured technical selling today amid near-term downtrends firmly in place on the daily charts.
Cotton: December cotton fell 30 points to 70.36 cents, forging a mid-range close after trading the lowest intraday level since Sept. 13. Cotton futures extended last week’s losses to begin the week as crude oil futures faced heavy selling, though losses were limited as the natural fiber was able to rebound from the seven-week low carved early in the session.
Cattle: December live cattle rose 12 1/2 cents to $189.275, near the session high and closed at the highest closing level since last March. November feeder cattle gained 62 1/2 cents to $249.20 and nearer the daily high. Bullish technicals and cash cattle market fundamentals continue to drive the cattle futures prices north.
Hogs: December lean hog futures climbed 95 cents to $80.625 and settled near session high. December lean hogs scored a contract high today as futures continue to be supported by contra-seasonal strength in the cash market.