Corn: March corn futures rose 5 3/4 cents to $4.94 1/2, nearer the session high. The corn futures market saw follow-through buying interest today as traders had a much better collective attitude regarding U.S. relations with its major trading partners, following the Trump administration allowing one month for dialogue with its major trading partners, before new trade tariffs would kick in on March 1.
Soybeans: March soybeans rallied 16 3/4 cents to $10.75, marking a four-month high close. March soymeal surged $10.30 to $314.00, closing just short of the intraday high. March soyoil closed down 75 points at 45.76 cents, ending well off today’s low. Turnaround Tuesday wasn’t in the cards today across the ag complex, with soybeans ultimately making a run at the hard-nosed 200-day moving average for the second time in a week-and-a-half, ultimately securing a close above the level.
Wheat: March SRW futures surged 10 1/4 cents to $5.77 and settled near session highs. March HRW futures closed 9 cents higher, near session highs. March HRS futures rose 5 1/4 cents to $6.21 3/4. Winter wheat futures surged to fresh for-the-move highs today as bulls add further credence to the claim that a low is in place.
Cotton: March cotton rose 90 points to 66.94 cents, forging a high-range close. Cotton futures were able to score back-to-back gains, with a plunging U.S. dollar serving as an invitation for extended short-covering from Monday’s low.
Cattle: April live cattle futures sunk $1.50 to $198.65 and closed nearer session lows. March feeder cattle futures plunged $2.25 to $268.25, nearer session lows. Cattle futures continue to undergo heavy, persistent selling pressure.
Hogs: April lean hogs closed up $3.40 to $89.75, near the daily high. April lean hog futures prices regained most of Monday’s limit-down losses that came in the wake of new U.S. tariff threats against its major trading partners.