Corn: May corn fell 1 1/4 cents to $4.93, a near one-month low-close. Corn futures inched lower, notching a fourth day of weakness as a general risk-off tone rang across the marketplace amid looming economic uncertainty and improving sentiments around Brazil’s safrinha corn production.
Soybeans: May soybeans fell 7 1/2 cents to $10.41 1/4, nearer the daily low and closed at a five-week-low close. May soybean meal fell 50 cents to $302.50 and near mid-range. May soybean oil fell 46 points to 45.59 cents, nearer the session low and hit a three-week low. The soybean and meal futures markets saw selling pressure today from chart-based speculators as the near-term technical postures for both markets have deteriorated recently.
Wheat: May SRW wheat fell 8 cents to $5.79 3/4, while May HRW futures dipped 6 1/4 cents to $5.98 1/2, each marking a three-and-a-half-week low close. May HRS futures fell 11 cents to $6.17 3/4. Wheat futures extended losses for the third straight session as a fading technical landscape and economic uncertainty continued to weigh on the ag complex.
Cotton: May cotton fell 50 points to 66.87 cents, nearer the daily low and hit a three-week low. The cotton futures market continues to languish at lower price levels.
Cattle: Cattle futures came under fresh pressure Wednesday. The expiring February live cattle contract fell 67.5 cents to $198.825, while most-active April dropped $1.10 to $194.625. March feeder futures inched up 15 cents to $274.375, while the deferred contracts posted losses. Today’s price action indicated traders expect continued short-term weakness in the cash market for fed cattle.
Hogs: April lean hog futures closed $1.725 higher to $88.30 and settled nearer session highs. Lean hog futures surged on corrective buying today, bouncing from strong support at the early February low.