Corn: March corn fell 5 3/4 cents to $4.84 1/4, closing near the session low after trading at the highest intraday level since May 30. A reach to a new for-the-move and near eight-month high in corn futures spurred some profit-taking as the session progressed, despite lingering weather concerns in Brazil.
Soybeans: March soybeans fell 11 1/4 cents to $10.56, near the daily low after hitting a 3.5-month high early on. March soybean meal rose $4.80 to $315.80 and nearer the session high. March soybean oil fell 135 points to 44.42 cents, nearer the session low and hit a two-week low. The soybean and bean oil futures markets saw corrective price pullbacks today following recent gains.
Wheat: March SRW wheat fell 4 3/4 cents to $5.54 after carving the highest intraday level in over a month early on. March HRW wheat fell 3/4 cent to $5.74 3/4, ending near the session low. A retreat from session highs across winter wheat futures transpired as the session progressed amid a broad corrective tone across the ag complex in the wake of a string of recent gains.
Cotton: March cotton fell 52 points to 67.14 cents and nearer the daily low. The cotton bulls continue to be sorely disappointed the futures market has failed to show rally potential despite a recent solid rally in the U.S. stock indexes, a drop in the U.S. dollar index, rallying grain futures markets and an up-trending crude oil market.
Cattle: The cattle and beef sector remains strong, with little indicating the larger upward trend will end in the near future. Nearby February live cattle futures surged to fresh for-the-move highs, topping the hugely important $200.00 level before closing $3.00 higher at $200.05. Expiring January feeder futures climbed $2.65 to $277.05, while most-active March soared $5.825 to $273.075. The cattle and beef markets remained strong at midweek. The USDA reported Tuesday’s cash trading had apparently picked up in the south, with minimal Texas-Oklahoma trading at $201.00, while Kansas trading was more active at a firm average around $201.25.
Hogs: April lean hog futures climbed 57.5 cents to $87.275 and closed nearer session highs. Nearby February futures inched 27.5 cents higher to $81.475. Lean hog futures saw modest strength today, though the near-term direction remains indecisive as nearby February traded within Friday’s range again today.