Corn: March corn fell 2 3/4 cents to $6.82 1/4, marking a low-range close after trading as high as $6.88 1/4. Corn futures attempted to extend the previous two sessions’ gains, with the March contract reaching its highest level since Jan. 31.
Soybeans: March soybeans fell 5 1/4 cents at $15.37 1/4, after a relatively narrow session. March soymeal settled down $3.00 at $501.00, while soyoil settled 26 points higher at 60.4, continuing the recent meal/oil spread action. Soybeans turned lower, despite further cuts to the South American crop as analysts continue to lower expectations for the 2022-2023 crop year.
Wheat: March SRW wheat fell 6 cents to $7.86, near the session low and hit a six-week high early on. March HRW wheat dropped 6 1/4 cents to $9.06, near the daily low and hit a 2.5-month high early on, while spring wheat rose 1 1/4 to $9.32. The wheat futures markets saw downside corrections today after recent good gains.
Cotton: March cotton futures fell 24 points to 85.40 cents. May cotton closed down 9 points at 85.70 cents. Prices closed nearer their daily highs. The sideways grind continues in the cotton futures market, amid recent lackluster trading.
Cattle: Expiring February live cattle futures slipped 12.5 cents to $162.15 Tuesday, while most-active April fell 42.5 cents to $164.675. March feeder futures slid 55 cents to $186.65. Traders apparently expect feedlot operators to have a harder time extracting higher bids from packers this week after having been able to force a cumulative gain of $4.37 over the past two weeks.
Hogs: February lean hogs expired 15 cents lower at $75.675 at noon today, while the April contract rose 90 cents to $87.25. February lean hogs fell mildly on expiration day as volume rolled to April futures, which will now serve as the front-month contract.