Corn: March corn futures fell 2 cents to $4.74 1/2 and nearer the session low. Prices hit a nearly seven-month high early on. The corn futures market today saw some routine profit taking from the shorter-term speculators following recent solid gains.
Soybeans: March soybeans fell 5 1/2 cents to $10.47 1/2, closing nearer the session low. March soymeal closed $2.00 lower at $305.80. March soyoil rose 23 points to 46.22 cents, marking a near two-month high close. Soybeans were able to extend to a for-the-move high, though looming technical resistance at the 200-day moving average spurred a corrective pullback as the session progressed, despite general support from a weaker U.S. dollar.
Wheat: March SRW futures climbed 1 1/4 cents to $5.46 1/4 and closed near mid-range. March HRW futures slipped 1/4 cent to $5.60 3/4. March spring wheat futures sunk 4 cents to $5.89 1/2. Wheat futures struggled to build on recent bullish momentum as stiff overhead resistance continues to loom over prices.
Cotton: March cotton fell 14 points to 67.50 cents, ending near the session low. March cotton spent the session trading narrowly within Monday’s upper range, limited by technical resistance despite a wavering U.S. dollar.
Cattle: February live cattle futures closed unchanged at $197.40 while deferred contracts saw modest losses. March feeder futures closed 30 cents higher to $268.20 while expiring January futures surged $2.25 to $274.10. Cattle futures traded on either side of unchanged before closing steady on the day as profit-taking drove trade.
Hogs: February lean hogs rose 45 cents to $83.625, near mid-range and hit a two-week high. The lean hog futures market saw more short covering and perceived bargain hunting buying interest from the speculators as it appears more and more likely the futures market has put in a near-term bottom.