Corn: May corn futures fell 4 cents to $6.53 3/4 near mid-range and below the 100-day moving average. The corn futures market saw profit taking today after prices hit a five-week high Monday.
Soybeans: May soybeans fell 4 1/2 cents to $15.17 1/2, a high-range close after trading below support of $15.11 3/4. May meal edged $6.80 lower to $457.40 and May soyoil finished 94-points lower at 55.74 cents. Soybeans encountered corrective selling, led by heavier efforts in meal and soyoil futures as crude oil paused after skyrocketing higher to begin the week.
Wheat: May SRW wheat fell 2 cents to $6.91 1/2 after trading as high as $7.10. May HRW wheat dropped 2 3/4 cents to $8.72 1/2. Prices closed nearer the session lows. May HRS wheat fell 2 1/4 to $8.89 1/2. The wheat complex experienced mild selling pressure today amid a risk-off trader mentality in the general marketplace following some downbeat U.S. economic data released today.
Cotton: May cotton fell 133 points to 81.05 cents, ending the session below the 40-day moving average. Cotton futures tumbled, turning lower for the third straight session despite a weakening U.S. dollar as crude oil futures paused after surging higher to start the week.
Cattle: Nearby April live cattle futures dropped 52.5 cents to $167.60 Tuesday, while the most-active June fell $1.00 cents to $160.225. May feeder futures suffered a late 87.5-cent dive to $202.275. As expected, especially after last week’s heavy trading at sharply higher prices, minimal cash market activity occurred Monday, with no quotes for fed cattle on a live basis.
Hogs: April lean hog futures led the complex lower, closing $2.30 lower at $72.225, while most active June futures fell $1.85 to $89.575. Lean hog futures continued their slide today, falling nearly $8 from last week’s high.