Corn: March corn fell 1/2 cents to $4.51 3/4 but notched a high-range close. The grain complex ultimately succumbed to pressure stemming from heavy selling in the soy complex and resumed U.S. dollar strength, though rallying crude oil ultimately underpinned prices.
Soybeans: March soybeans plunged 17 1/4 cents to $12.23 cents, though settled well off session lows. March soymeal dropped $5.10 to $358.20, settling near session lows. March soyoil slipped 79 points to 46.53 cents, the lowest close since May. The soybean complex underwent heavy selling pressure most of the session, sending soybeans back below support levels as traders took advantage of selling the recent rally.
Wheat: March SRW wheat rose 1 1/2 cents at $6.12 1/4 and near mid-range. March HRW wheat closed up 11 1/4 cents at $6.37, nearer the session high and hit a two-week high. March spring wheat futures rallied 4 1/2 cents to $7.09, near session highs. The winter wheat futures markets today saw mild buying interest, led by HRW, amid bullish outside market forces that included a rally in crude oil prices and U.S. stock indexes this week hitting record highs, prompting keener risk appetite in the general marketplace.
Cotton: March cotton futures rose 36 points, settling at 85.76 cents, near the session mid-point and marking the highest close since October. Export sales falling back near average levels did little to deter cotton bulls today as futures continue to march higher on the daily bar chart.
Cattle: April live cattle rose $2.35 to $180.70. March feeder cattle gained $4.40 at $238.175. Both markets closed near their daily highs and hit 2.5-month highs. The live and feeder cattle futures markets were boosted today by technical buying as their near-term chart postures are firmly bullish.
Hogs: Hog futures seemed to follow other markets, particularly cattle futures, higher Thursday. Nearby February gained 40 cents to $74.30, while most-active April climbed 52.5 cents to $82.55. The hog and pork complex is continuing its seasonal advance, but the news from the cash and wholesale markets wasn’t all that strong.