Corn: March corn futures slid 4 3/4 cents to $4.43 1/2 and settled nearer session lows. Corn futures led weakness today after yesterday’s failed break above $4.50 led to significant followthrough selling efforts today.
Soybeans: January soybeans rose 1/4 cent to $9.95 3/4 and nearer the daily high. January soybean meal fell $1.60 to $289.50 and near mid-range. January soybean oil rose 23 points to 42.67 cents and nearer the session high. The soybean complex futures saw buying interest limited today by a sell off in corn and wheat futures markets.
Wheat: March SRW futures fell 4 3/4 cents to $5.58 1/2 and settled nearer the session low. March HRW futures sank 4 1/2 cents to $5.62 3/4 and nearer the session low. Weakness in corn futures bled into the wheat markets today as corn prices fell for the first time since last Friday.
Cotton: March cotton futures slipped 6 points to 70.09 cents/pound Thursday after a day of trading mostly at slightly higher levels. The cotton market marked time again Thursday, with prices holding up surprisingly well despite another weak result on the weekly USDA Export Sales report.
Cattle: February live cattle fell 52 1/2 cents to $190.85, near the session low after hitting an eight-month high early on. January feeder cattle fell 70 cents to $258.35 and near the session low. The live cattle futures market shot to an eight-month high early on but then backed way off the daily high, to suggest the bulls may now be exhausted.
Hogs: Hog futures traded narrowly Thursday, with the most-active February inching up 10 points to $84.475 and expiring December rising 5 points to $83.55. Although “tis the season” for hog and pork market weakness, cash hog and wholesale pork values have continued holding up surprisingly well.