Corn: March corn fell 2 1/4 cents to $4.30, ending near the session low and below the 40-day moving average. Corn futures extended modestly lower as technical resistance and a general risk-off tone hovered across the ag complex.
Soybeans: January soybeans fell 8 cents to $9.83 3/4, nearer the daily low mid-range. January soybean meal rose $1.50 to $291.90 and near the session high. January soybean oil fell 72 points to 41.42 cents and nearer the session low. Soybean futures continue to grind sideways at lower price levels, with buyer interest limited by the threat of U.S. trade tariffs crimping global demand for U.S. ag products, including beans.
Wheat: March SRW wheat rose 3/4 cent to $5.48 1/4, while March HRW futures rose 3/4 cent to $5.42 1/2, each closing near the session high. March HRS wheat closed down 1/2 cent to $5.89 1/2. March SRW wheat futures climbed from a fresh contract low, carved at midmorning, as the U.S. dollar faced pressure and short-covering efforts ensued.
Cotton: March cotton fell 2 points to 71.25 cents and near mid-range. The cotton futures market continues to languish not far above this year’s lowest price levels.
Cattle: Wholesale weakness undercut cattle futures Wednesday. Expiring December live cattle slid 10 cents to $188.375, while most-active February fell 75 cents to $188.325. January feeder futures dove $2.35 to $256.95. Cattle traders proved unable to force a move above solid overhead resistance again Wednesday, which probably represented a response to diminished cash market expectations and wholesale weakness.
Hogs: February lean hog futures sank $1.50 to $86.35 and settled nearer session lows, while nearby December futures fell 75 cents to $82.50. Lean hog futures continue to encounter stiff technical resistance just below last week’s highs despite modest strength in the cash market.