Corn: May corn futures fell 3 3/4 cents to $4.81 1/4, nearer the session low, while new-crop December futures rose 2 1/4 cents to $4.64 1/4. The corn futures market saw more profit-taking pressure today following last week’s strong gains that pushed prices to a five-week high.
Soybeans: May soybeans fell 5 3/4 cents to $10.36, while May meal futures closed $2.90 lower at $294.20, each forging near mid-range closes. May soyoil rallied 101 points to 47.33 cents, recapturing nearly all of Monday’s losses. Rallying soyoil seemingly lifted soybeans from session lows, which were pressured by technical resistance at the 200-day moving average along with extended losses in soymeal futures.
Wheat: May SRW futures fell 5 1/2 cents to $5.42 and closed near session lows. May HRW futures slid 2 1/4 cents to $5.53. May spring wheat futures closed 3 1/2 cents lower to $6.01 1/4. Winter wheat futures found little support from deteriorating condition ratings in the Plains today as prices fell for the second consecutive session.
Cotton: May cotton rose 99 points to 65.08 cents and marked a high-range close. Cotton futures reclaimed a portion of recent losses, despite a firmer U.S. dollar, though gains were crimped by lingering overhead resistance.
Cattle: June live cattle futures climbed 72.5 cents to $199.80 and closed near mid-range. May feeders settled $1.575 higher to $282.525, near session highs. Cattle futures traded firmer again today but June futures continue to encounter resistance at the psychological $200.00 mark.
Hogs: June lean hogs rose a nickel to $95.175, near mid-range and hit a two-week high. The lean hog futures market saw more tepid short covering today, but gains were limited by weakening cash hog and pork market fundamentals.