Corn: March corn futures dropped 2 1/4 cents to $4.74 1/4, settling on session lows. Corn futures failed to hold onto this morning’s gains as crude oil continues to fall under heavy selling pressure, while ethanol stocks rose to the second highest level since 2010 during week ended Dec. 22.
Soybeans: March soybeans closed 8 1/2 cents lower at $13.12, ending the session below the 10- and 200-day moving averages, while March soymeal fell $3.10 to $390.70. March soyoil closed 68 points lower at 47.98 cents. Soybeans turned decidedly lower shortly after this morning’s open, weighed down by persisting optimism around improving weather in Brazil.
Wheat: March SRW futures rallied 8 1/2 cents to $6.31 1/2 but closed off session highs. March HRW futures rallied 8 3/4 cents to $6.43 3/4. March spring wheat futures rose 3 3/4 cents to $7.35 1/4. Wheat futures showed relative strength throughout the session despite both corn and soybeans turning lower.
Cotton: March cotton rose 42 points to 80.95 cents, the highest close since Dec. 13. Cotton futures extended modest gains for the fourth consecutive session amid a move in the U.S. dollar to a five-month low and noteworthy moves in equities amid persisting sentiments the Fed will cut interest rates in the coming year.
Cattle: February live cattle fell 35 cents to $168.925, ending below the 10-day moving average, while March feeders plunged $2.2750 to $223.125 and closed near the session low. Cattle futures extended lower for the second straight session, weighed down by wholesale weakness and sluggish cash cattle trade development, though losses were limited by support at the 20-day moving average.
Hogs: February lean hog futures fell $1.425 to $68.45, settling nearer session lows. Lean hog futures turned lower as concerns remain over prolonged weakness in the cash market.