Corn: March corn futures fell 7 1/2 cents to $4.84, near the session low. The corn futures market today saw profit-taking from the speculators after recent gains.
Soybeans: March soybeans fell 6 cents to $10.43 1/2, while March soymeal fell $3.90 to $296.60, each closing near the session low. March soyoil rose 40 points to 46.13 cents. USDA’s late-morning supply and demand update pulled soybeans from earlier highs, which included minimal changes from January.
Wheat: March SRW futures settled 2 1/2 cents lower to $5.77. March HRW futures dropped 4 cents to $5.92 3/4, nearer session lows. March HRS futures fell 7 cents to $6.18 1/4. Winter wheat futures showed relative strength this morning but losses in the corn market weighed heavily on prices after today’s USDA reports.
Cotton: March cotton rose 86 points to 67.40 cents, ending the session above the 20-day moving average. Cotton futures were able to extend Monday’s gains despite mostly bearish supply and demand data in USDA’s monthly update.
Cattle: April live cattle futures slid $2.125 to $196.00 and settled nearer session lows, while nearby February futures sunk $2.125 to $199.675. March feeder cattle futures plunged $3.35 to $264.775. Cattle futures traded sharply lower as technical selling pressure continues to weigh heavily on the market.
Hogs: April lean hogs rose $1.35 to $92.975, near the daily high and closed at a contract high close. The lean hog futures saw chart-based buying from the speculators featured today, amid improved cash hog market fundamentals.