Corn: March corn fell 1 1/4 cent to $4.93 1/4, closing nearer the session low. Corn futures faced midweek corrective selling after forging a new for-the-move high in overnight trade.
Soybeans: March soybeans fell 18 cents to $10.57, nearer the daily low after hitting a four-month high early on. March soybean meal fell $5.70 to $308.30 and near the session low. March soybean oil fell 67 points to 45.09 cents, nearer the session low. Soybean and meal futures prices saw corrective pullbacks today following good gains scored earlier this week.
Wheat: March SRW wheat fell 4 3/4 cents to $5.72 1/4, while March HRW wheat fell 3 cents to $5.91 3/4. March HRS futures fell 3 1/4 cents to $6.18 1/2. All three forged low-range closes. SRW wheat futures retreated from a near three-month high in early trade amid general selling across the ag complex despite extended U.S. dollar weakness.
Cotton: March cotton fell 90 points to 66.04 cents and near the daily low. The cotton futures market bulls petered out today after early-week gains. Lower grain futures prices and weaker crude oil prices today were bearish outside-market elements for cotton.
Cattle: Cattle futures rebounded strongly from recent losses, with expiring February live cattle jumping $1.725 to $203.60 and most-active April leaping $2.65 to $201.30. March feeder futures surged $2.475 to $270.725. Cattle fundamentals remain very supportive, although this week’s early futures weakness suggesting traders are anticipating the long-awaited bearish setback in cash and wholesale prices.
Hogs: April lean hog futures surged $1.80 to $91.55 and closed near session highs. Nearby February futures closed $1.575 higher to $86.65. Lean hog futures surged again today, continuing the trend of recent volatility as prices again near recent highs.