Corn: March corn rose 4 1/2 cents to $6.78 1/2, nearer the session high. Corn futures traded a narrow range prior to USDA’s updates to supply/demand and global production estimates as traders squared up positions before its release.
Soybeans: March soybeans rose 4 1/2 cents to $15.19 3/4 and near mid-range. March soybean meal gained $0.50 to $481.90 and nearer the session low. March bean oil fell 31 points at 60.58 cents and near mid-range. Trading in the soybean futures complex was quieter today, ahead of the late-morning USDA supply and demand report for February and remained subdued after the report as it contained no major surprises.
Wheat: March SRW rallied 15 cents to $7.64 3/4, the contract’s highest close since Jan. 3, while March HRW rose 10 1/4 cents to $8.96. March spring wheat closed 8 1/4 cents higher at $9.25 1/4. SRW wheat futures were able to turn moderately higher after having closed lower in the previous three sessions.
Cotton: March cotton futures fell 26 points to 85.37 cents. May cotton dropped 38 points to 86.00 cents. Prices closed nearer the session highs today. The cotton futures market was mildly pressured today be a slightly bearish USDA monthly supply and demand report and by a sell-off in the U.S. stock market.
Cattle: The nearby February live cattle contract edged up 22.5 cents to $160.80 Wednesday, while most-active April futures gained 10 cents to close at 163.70. March feeder futures fell 75 cents to $186.45. Light cash cattle trading took place at modestly higher prices Tuesday.
Hogs: Expiring February hog futures ended Wednesday having risen 55 cents to $75.925, while most-active April advanced 80 cents to $84.075. The ongoing seasonal rise in the cash hog index is supporting hog futures at this juncture, with the official index quote for Monday rising 22 cents to $73.51 and Tuesday’s preliminary figure gaining 24 cents to $73.75.