Corn: May corn rose 3 1/4 cents to $4.62, ending in a high-range close. Nearby corn futures posted modest gains despite general pressure across the ag complex, partially due to a firmer U.S. dollar, but also as trade uncertainties continue to limit earnest buying interest.
Soybeans: May soybeans fell 4 1/2 cents to $10.08 1/4, nearer the daily low. May soybean meal lost $2.20 to $297.70, near the daily low and hit a three-week low. May soybean oil fell 18 points to 42.36 cents, near mid-range. The soybean complex futures saw some technical selling pressure today as the near-term chart postures are bearish.
Wheat: May SRW futures closed 1 1/2 cents lower to $5.63 1/2, near mid-range. May HRW futures plunged 11 /2 cents to $5.94 3/4, nearer session lows. Price action across wheat futures was a bit of a mixed bag today as SRW futures showed relative strength, contrary to the trend seen earlier this week, as HRW futures led the way higher.
Cotton: May cotton fell 12 points to 66.35 cents and nearer the daily high. The cotton futures market today saw some mild price pressure from technical selling and a rally in the U.S. dollar index.
Cattle: Anticipation of continued supply tightness powered the cattle/beef complex still higher Wednesday. Nearby April live cattle surged $1.45 to $206.825, while April feeders climbed $2.175 to $286.725. Expiring March feeders, which expire on March 27, rallied $1.85 to $286.825. Cash trading of fed cattle remained completely stalled Tuesday, with the USDA again reporting a total lack of activity.
Hogs: April lean hog futures sank $2.025 to $85.575 and closed near session lows. Deferred contracts posted milder losses. Lean hog futures saw heavy selling today, driven by weakening technicals. April lean hogs struggled and failed to break above the early March highs, spurring technical selling pressure today despite stabilizing cash fundamentals.