Corn: March corn fell 6 1/2 cents to $6.74, ending the session right above the 100-day moving average. May corn fell 6 1/4 cents to $6.74 1/4. Wheat and soybean weakness weighed heavily on corn futures throughout the session today, pushing corn down into support.
Soybeans: March soybeans fell 9 1/4 cents to $15.39 1/2, marking a low-range close, while March meal dropped $5.10 to $492.60. March soyoil rose 6 points to 62.83 cents. Soybeans faced mild profit-taking and technical selling after churning to the highest level in over a week in overnight trade.
Wheat: March SRW wheat futures fell 14 cents to $7.36 1/2. May SRW wheat fell 12 3/4 cents to $7.50, near the session low and hit a three-week low. March HRW wheat dropped 28 1/4 cents to $8.76. May HRW wheat slid 24 cents to $8.69 1/2 and near the session low. March spring wheat fell 10 1/4 cents to $9.14 1/4 and May spring fell 9 3/4 to $9.09. The winter wheat futures markets today fell victim to a lack of fresh, bullish fundamental news and lower corn and soybean futures prices.
Cotton: March cotton rose 133 points to 82.25 cents, a mid-range close after gapping higher overnight. May cotton rose 35 points to 81.88 cents. Cotton futures edged higher on technical buying, marking further gains after the nearby March contract marked its lowest intraday level since Dec. 16.
Cattle: April live cattle fell 2 1/2 cents at $165.075 and nearer the session high. March feeder cattle gained $1.10 at $187.975 and near the session high. The live cattle futures market saw a normal pause today after April futures hit a contract high Tuesday.
Hogs: April hog futures tumbled $2.55 to $86.55 in response to Tuesday’s late dive in wholesale prices. The hog and pork industry are unanimous in thinking the cash hog and wholesale pork markets will climb substantially during the coming weeks and months.