Corn: March corn fell 4 1/4 cents to $4.74 1/2, closing nearer the session low. Corn futures spent the session modestly lower in corrective trade, in step with soybean and crude oil futures.
Soybeans: March soybean futures plunged 23 3/4 cents to $10.19, on session lows. March meal futures closed $7.60 lower to $294.40, near session lows. March bean oil futures sunk 124 points to 45.03 cents. Soybean futures underwent heavy selling pressure, extending recent losses from Tuesday’s for-the-move high.
Wheat: March SRW wheat fell 9 1/2 cents to $5.37 1/2, near the daily low. March HRW wheat lost 9 1/4 cents to $5.48 1/4 and near the daily low. Technical selling pressure from the speculators was featured in the winter wheat futures markets today.
Cotton: March cotton futures closed 104 points lower to 66.73 cents, near session lows. Cotton futures continue to undergo persistent selling pressure, marking a fresh contract low today.
Cattle: February live cattle fell $1.925 to $196.60 and nearer the session low. March feeder cattle lost $2.075 to $267.725, near mid-range. The cattle futures markets today saw profit-taking pressure from speculators following recent gains. Some corrective, consolidative price action is not surprising given the elevated price levels for the cattle futures markets.
Hogs: Modest cash and wholesale strength seemed to undercut premiums in hog futures Thursday, with nearby February falling 82.5 cents to $82.30. The hog and pork complex is apparently continuing to strengthen seasonally, but the slow pace of gains undercut nearby futures Thursday.