Corn: March corn rose 1/4 cent to $4.59 1/2, notching a high-range close. Nearby corn futures ultimately struggled to extend Tuesday’s gains, limited mostly by weakness stemming from the soy complex along with fading gains in crude oil amid a surprise jump in U.S. stockpiles.
Soybeans: March soybeans fell 12 cents to $12.36 1/2, near the daily low and at a six-month low close. March soybean meal lost $3.30 at $364.30 and nearer the session low. Meal prices closed at a seven-month-low close. March bean oil closed down 20 points at 48.25 cents and nearer the session low. Technical selling pressure was featured today as nearby soybean futures prices this week have hit a more-than-two-year low with no solid chart clues that a market bottom is close at hand.
Wheat: March SRW wheat rose 3/4 cent to $6.10 3/4, ending the session above the 40-day moving average, while HRW wheat ended 2 1/2 cents lower at $6.24 1/2. March HRS wheat rose 2 1/4 cents to $7.07 3/4. Wheat futures spent most of the session consolidating mostly between the 40- and 10-day moving averages in narrow trade.
Cotton: March cotton fell 55 points at 80.18 cents and nearer the session low. The cotton market today saw selling pressure due in part to lower crude oil prices and some positioning ahead of a key USDA report on Friday morning.
Cattle: Live cattle futures posted a mixed closing Wednesday, with nearby February slipping 2.5 cents to settle at $170.75. In contrast, feeder futures posted sizeable gains. The expiring January contract gained 85 cents to $224.625, while most-active March climbed $1.25 to $226.125. Cattle traders seem undecided about this week’s cash market direction in the wake of last week’s late action.
Hogs: February lean hog futures rallied 20 cents to $72.075, marking the highest close since November. Lean hog futures gapped lower this morning though they expressed renewed strength as the session went on.