Grains Falter as Cotton Scores Multi-Month High

Corn and soybean futures fell to four-week lows on August 11, as the market awaited Wednesday's USDA supply and demand report. December corn dropped by $1.25 per bushel to close at $4.60.5, while November soybeans plummeted by $10.75 per bushel to hit a four-week low of $11.68.75.

The soybean market saw significant technical selling pressure, with prices remaining in a downtrend on the daily bar chart. September soybean meal fell by $0.50 to close at $305, while September soybean oil dropped 96 points to hit a four-week low of 68.57 cents.

Wheat futures also declined, with September SRW falling by $10.25 per bushel and September HRW dropping by $14.25 per bushel. The winter wheat market saw technical selling from speculators ahead of the USDA WASDE report on Wednesday.

Cotton futures rose to a three-month high on August 11, however. December cotton gained 53 points to close at 84.39 cents. Cotton paused during most of the session due to position evening before the USDA supply and demand report.