Corn: May corn fell 5 1/4 cents to $4.37 3/4, closing near the session low. Corn futures extended recent gains overnight but faced selling through most of today’s session.
Soybeans: July soybeans fell 1/2 cent to $11.81 1/2 and nearer the session low. July soybean meal gained $3.10 to $349.20, near mid-range and hit a 10-week high. July bean oil closed down 61 points at 45.27 cents and nearer the session low. Selling interest in soybeans was limited today by the impressive gains in the soybean meal futures markets recently.
Wheat: May SRW rose 9 1/2 cents to $5.94 1/2, ending the session above the 100-day moving average, while May HRW rallied 15 1/2 cents to $6.24 1/4, marking the highest close since Jan. 30. May spring wheat futures closed 12 1/2 cents higher at $6.79. Wheat futures gathered enough strength to muster another day of solid gains, despite returned U.S. dollar strength.
Cotton: July cotton futures fell 71 points to 81.01 cents and near the session low. The cotton futures market saw more technical selling pressure today as the near-term charts firmly favor the bears.
Cattle: Cattle and feeder futures turned lower Wednesday, with expiring April live cattle futures falling $1.25 to $182.10, while most-active June futures tumbled $1.90 to $175.25. April feeder futures slid 65 cents to $243.10 and May feeders dropped $1.950 to $244.10. Although the latest fundamentals seem somewhat more supportive of the short-term price outlook than was recently the case, cattle and feeder futures suffered significant losses Wednesday.
Hogs: June lean hog futures slipped 50 cents to $107.45 and settled near mid-range, while May futures sunk $1.225 to $97.35. Lean hog futures opened lower this morning though they quickly pared losses, closing modestly lower on the session and trading within Tuesday’s range.