Corn: March corn fell 1 3/4 cents to $4.57 3/4, nearer the session low. Corn futures edged narrowly sideways ahead of Friday’s USDA report data, while gains in soybean and crude oil futures largely offset pressure stemming from SRW wheat.
Soybeans: March soybeans closed unchanged on the day at $12.36 1/2 despite trading as high as $12.49 3/4. March soymeal settled $2.10 lower at $362.20, marking a fresh seven-month low. March soyoil ended the day 47 points higher at 48.72 cents, nearer session highs. Soybeans continue to struggle garnering much bullish momentum, though have failed to follow through to the downside from early-week lows.
Wheat: March SRW wheat fell 7 cents at $6.03 3/4. March HRW wheat lost 8 1/2 cents at $6.16. March spring wheat dropped 7 3/4 cents to $7.00. Prices closed nearer the session lows. The winter wheat futures markets today saw some technical selling pressure and position evening ahead of Friday morning’s USDA monthly supply and demand and quarterly grain stocks report.
Cotton: March cotton rose 118 points to 81.36 cents, marking a high-range close. Cotton futures surged to the highest level in nearly a month as prices continue to gradually climb higher on the daily bar chart.
Cattle: February live cattle rose $1.05 to $171.80 and nearer the session high. March feeder cattle closed up $1.275 at $227.40 and nearer the session high. Cattle futures prices rose today in apparent response to the bullish near-term aspect of a major winter storm in the Midwest disrupting marketing of cattle and stressing the animals.
Hogs: Hog futures resumed their recent climb, with nearby February gaining 52.5 cents to $72.60. In contrast to the sustained weakness seen in early 2023, the hog and pork complex seems to be following the traditional pattern of strength at this time of year.