Corn: March corn fell 3 1/4 cents to $6.37 1/4, the contract’s lowest close since $6.36 1/4 on Aug. 19. Corn faded from earlier gains on spillover from slumping wheat prices and bearish outside markets. Crude oil futures fell a third straight session to a low for the year, while the dollar strengthened.
Soybeans: January soybeans rose 17 1/4 cents to $14.55, the contract’s highest close since Nov. 30. January soymeal surged $16.50 to $448.60 after posting a contract high. January soyoil fell 95 points to 61.62 cents, a three-week closing low. Soybeans climbed on fresh demand from China, a rally in soymeal and escalating concern dryness in Argentina could trim yield prospects.
Wheat: March SRW wheat fell 10 cents to $7.29, the contract’s lowest close since late September 2021. March HRW wheat dropped 11 3/4 cents to $8.30, a 3 1/2-month closing low. March spring wheat fell 6 cents $8.96. Wheat futures extended a three-week slide as eroding charts spurred technically-driven fund selling and sluggish exports continued to burden prices.
Cotton: March cotton rose 73 points to 84.59 cents. Cotton futures shrugged off bearish outside markets to post firm gains, supported by hopes China’s recent easing of Covid restrictions will give its economy a boost and lead to greater demand for commodities.
Cattle: February live cattle plunged $2.20 to $153.625, the contract’s lowest close since Nov. 15. January feeder futures sank $1.975 to $181.80. Sharp declines in the wholesale beef market fueled selling amid concern over demand. Wholesale beef remained under pressure, as Choice cutout values fell 66 cents to $242.65, the lowest daily average since March 2021. Movement was strong at 147 loads.
Hogs: February lean hogs tumbled $3.60 to $86.925, the contract’s lowest close since Nov. 30. Hog futures plunged on technically-driven profit-taking and fund liquidation after some prices, including June futures, posted contract highs Monday. Pork cutout values jumped $3.36 to a two-week high at $89.82 on strong movement of 344 loads.