Corn: March corn rallied 4 1/4 cents to $4.78 3/4 and marked a seven-month high close. Corn futures resumed recent strength following a modest pullback on Tuesday, with outside market support and a firm technical posture underpinning gains.
Soybeans: March soybeans fell 4 3/4 cents to $10.42 3/4, nearer the daily low. March soybean meal fell $3.80 to $302.00, near the session low. March soybean oil rose 5 points to 46.27 cents, near mid-range and hit a two-month high early on. Soybean futures saw a corrective price pullback and chart consolidation today after recent good gains, which is not bearish.
Wheat: March SRW wheat rose 3/4 cent to $5.47, forging a mid-range close, while March HRW fell 3 1/4 cents to $5.57 1/2, closing nearer the session low. Winter wheat futures continued to face technical pressure into midweek despite support from a weaker U.S. dollar.
Cotton: March cotton rose 27 points to 67.77 cents and nearer the daily high. The cotton futures market saw some tepid short covering today and could not get much traction from a tame U.S. inflation report that rallied the U.S. stock market.
Cattle: Anticipation of continued cash and wholesale strength seemed to power fresh cattle and feeder gains Wednesday. Nearby February live cattle rose $1.125 to $198.525, while most-active March feeder futures climbed $1.60 to $269.80. Expiring January feeder futures rallied $1.125 to $275.225. Early-week cash and wholesale market activity seemingly points to another rise in the cash average for this week.
Hogs: February lean hog futures closed 50 cents lower to $83.125 and nearer session lows. Nearby lean hog futures saw profit-taking today, shoring up premiums to the cash market, though deferred contracts posted modest gains.