Corn: March corn fell 3 1/4 cents to $6.79 1/2. Corn fell for the first time in four sessions as traders booked profits with a three-day holiday weekend ahead. Weakness in crude oil and concern surging Covid cases in China could crimp commodity demand also weighed on prices.
Soybeans: March soybeans rose 2 cents to $15.16 1/4, the contract’s highest close since June 17. March soymeal fell $2.80 to $458.50. March soyoil rose 139 points to 66.36 cents. Soybeans rose a fourth consecutive session as persistent dryness in Argentina and China-driven demand optimism fueled speculative fund buying.
Wheat: March SRW wheat fell 11 1/2 cents to $7.74. March HRW wheat lost 15 3/4 cents to $8.66 1/2. March spring wheat fell 20 cents to $9.14. Wheat took pressure from profit-taking and corrective selling following the market’s climb to four-week highs earlier this week.
Cotton: March cotton fell 66 points to 82.60 cents, the lowest close since Dec. 16. Cotton fell a third straight session as crude oil weakened on global demand concerns with Covid cases surging in China.
Cattle: February live cattle rose $1.05 to $158.85, a lifetime-high close for the contract. January feeder cattle gained 32.5 cents to $183.80. Cattle extended a rally behind strong technicals and expectations tight supplies of market-ready animals will underpin the cash market into 2023. Choice beef cutout values fell 55 cents to $278.86 but remained near a 10-month high posted Tuesday. Movement totaled 101 loads.
Hogs: February lean hogs fell $2.125 to $88.675. Hog futures fell a second straight day on profit-taking following Tuesday’s rally. Prices remain up for the week on signs of a bottom in the cash market. The CME lean hog index surged $2.09 to $80.69, the highest since Dec. 19, and Friday’s quote is expected to rise another 5 cents. Pork cutout values fell 79 cents to $87.88 on strong movement of 346 loads.