Corn: March corn futures closed down 4 cents at $4.38 3/4, near the session low and closed at a contract-low close. The corn futures market today fell victim to more technical selling and amid risk appetite in the general marketplace that is presently not robust.
Soybeans: March soybeans rose 3 1/4 cents to $11.99 1/2, a near mid-range close. March soymeal fell $2.30 to $358.80, while March soyoil rose 61 points to 45.94 cents, each ending the session high-range. Soybeans posted mild gains for the second straight session, though soymeal pressure increasingly hovered over the complex as the session progressed.
Wheat: March SRW futures rallied 4 3/4 cents to $5.95, closing nearer session highs. March HRW futures rose 4 1/2 cents to $6.18 1/2. March spring wheat rose 2 1/4 cents to $6.93 1/4. Wheat futures posted modest corrective gains but continue to struggle garnering much momentum either way.
Cotton: March cotton rose 50 points to 87.54 cents, forging a high-range close. March cotton extended gains for the sixth straight session amid outside market support and spillover strength from gains in cocoa futures, which notched record highs today.
Cattle: April live cattle futures jumped $3.725 to $186.075, settling near session highs. March feeder futures surged $3.925 to $246.675, also settling near session highs. Cattle futures surged to the highest level since early November as buyers quickly erased Monday’s losses.
Hogs: April lean hogs closed down 95 cents at $81.25, nearer the session low and hit a two-week low. The lean hog futures saw more corrective, profit-taking pressure from recent gains that pushed prices to a four-week high last week.