Corn: March corn futures fell 6 cents to $6.76 1/4, near the session low. After testing the $6.85-$6.88 3/4 resistance area the last few sessions, bears were able to follow through to the downside in today’s price action.
Soybeans: March soybeans fell 11 3/4 cents to $15.25 3/4, ending the session below the 10-day moving average, while Mach meal futures dropped $9.90 to $491.10 and March soyoil rose 84 points to 61.24 cents. Soybean futures extended the overnight trend lower early in the session, with pressure largely stemming from a rising U.S. dollar following stronger-than-expected Consumer Price Index data released early Tuesday.
Wheat: March SRW futures fell 16 3/4 to $7.69 1/4 near session lows. March HRW futures fell 11 1/2 cents to $8.94 1/2, while spring wheat fell 7 1/4 cents to $9.24 3/4. The wheat complex was in risk off mode throughout the session amid a strengthening U.S. dollar following stronger than expected Consumer Price Index data released early Tuesday.
Cotton: March cotton futures lost 285 points to 82.55 cents. May cotton fell 283 points to close at 82.87 cents. Prices closed near the session lows and hit four-week lows today. The cotton futures market was hit today by bearish outside markets that saw a sharply higher U.S. dollar index, lower crude oil prices and a wobbly U.S. stock market.
Cattle: April live cattle fell 7 1/2 cents to $164.60 and nearer the session high. March feeder cattle gained 67 1/2 cents at $187.325 and near mid-range. The live cattle futures market today saw a pause and some mild profit taking after prices Monday hit a contract high.
Hogs: Hog futures gave back a sizeable portion of early-week gains, with nearby April falling 75 cents to $86.50. With the February contract having expired Tuesday, the April contract’s approximate $12.00 premium to the hog index apparently seemed overly optimistic to traders.