Corn: May corn futures fell 2 3/4 cents to $4.94 1/4, nearer the daily high and hit a three-week low early on. The corn futures market saw some technical selling pressure and weak long liquidation from the speculators today as the near-term chart posture for May corn has deteriorated after three solid down days in a row.
Soybeans: May soybeans rose 1 1/4 cents to $10.48 3/4, nearer the high after hitting a five-week low early on. May soybean meal rose $2.10 to $303.00 and nearer the daily high after hitting a nine-week low early on. May soybean oil fell 25 points to 46.05 cents and nearer the session low. The soybean complex bulls had a decent day today, given the losses seen in corn and winter wheat futures.
Wheat: May SRW futures closed 5 3/4 cents lower to $5.87 3/4 and near mid-range. May HRW futures sank 4 cents to $6.05 1/2. May spring wheat futures fell 7 cents to $6.28 3/4. Wheat futures continued lower for the second consecutive session though technical support limited losses after this morning’s open.
Cotton: May cotton futures fell 51 points to 67.37 cents and closed near session low. Cotton futures gave up most of yesterday’s gain as traders look forward to this week’s Outlook Forum from USDA.
Cattle: April live cattle futures climbed 62.5 cents to $195.725 and closed near mid-range. March feeder cattle futures rallied $1.925 to $274.225, closing nearer session highs. Cattle futures continue to work higher as sentiment has recently favored the bulls, thinking a cash market low is near.
Hogs: April lean hogs fell 82 1/2 cents to $86.575, nearer the daily low and hit a three-week low. The lean hog futures market was pressured again today by chart-based selling from the speculators as the near-term technical posture for April hogs has turned bearish in a hurry.