Corn: March corn fell 13 3/4 to $6.60 1/4, near the session low and is the largest daily drop since Jan. 4. Corn spiraled lower as weakening technicals and projections of a large 2023-24 U.S. corn crop ignited selling efforts, despite a rally in crude oil.
Soybeans: March soybeans fell 5 1/4 cents to $15.34 1/4, near the session low. March meal ended the session mostly flat, just 50 cents higher at $493.10. March soyoil lost 62 points, closing at 62.04 cents, near the session low. Despite today’s rout in the corn market, soybeans held up remarkably well.
Wheat: March SRW wheat futures gained 1 3/4 cent to $7.38 1/4. May SRW rose 1/2 cent at $7.50 1/2. March HRW wheat futures fell 14 1/4 cents to $8.61 3/4. May HRW wheat dropped 12 3/4 cents at $8.56 3/4. Prices closed nearer the session lows with HRW futures hitting a three-week low today. March spring wheat futures fell 6 1/4 cents to $9.08. HRW wheat futures led losses in the wheat markets today, due in part to big losses in the corn market and weather forecasts for some beneficial precipitation in U.S. winter wheat country.
Cotton: March cotton rose 16 points to 82.41 cents. May cotton rose 28 points to close at 82.16 cents, in the lower third of today’s range. Cotton bulls fought an uphill battle, even with a notable crude oil rally.
Cattle: Cattle futures edged upward Thursday, with the expiring February contract rising 25 cents to $165.15 and most-active April gaining 25 cents to $165.325. March feeders surged $1.25 to $189.225. The live cattle situation has changed little from Wednesday, with a bit more cash trading yesterday nudging the three-day five-area average down to $162.37.
Hogs: April lean hogs fell 35 cents to $86.20 and near mid-range. Lean hog futures today saw more profit taking after hitting a five-week high on Tuesday.