Corn: March corn futures rose 3 1/4 cents to $4.85 1/4 and near mid-range. The corn market bulls benefitted today from better risk appetite in the general marketplace as the U.S. stock indexes saw decent rebounds from Monday’s sharp sell offs.
Soybeans: March soybeans were unchanged at $10.45 and ended low-range. March soymeal rose 80 cents to $301.60. March soyoil rose 13 points to 45.13 cents. Soybean futures held an inside range, with resistance at the 10-day moving average curbing buyer interest, though it stands to reason that the observance of the Lunar New Year in China, which began today and lasts through Feb. 4, was and will be a limiting factor for the soy complex.
Wheat: March SRW futures rallied 9 3/4 cents to $5.45 1/4 and closed nearer session highs. March HRW futures climbed 7 3/4 cents to $5.61 and closed nearer session highs. March HRS futures rose 12 cents to $5.97 3/4. Wheat futures led strength today as prices rebounded from Monday’s weakness.
Cotton: March cotton fell 29 points to 66.98 cents, closing near the session low. A subdued tone continues to linger across the cotton market, with technical resistance forging sideways consolidation.
Cattle: April live cattle futures surged $3.45 higher to $207.275 and settled near today’s highs. March feeder cattle futures settled $3.00 higher at $278.25. Cattle futures continue to surge higher, marking fresh record highs for the fifth consecutive session.
Hogs: April lean hogs closed up $1.025 to $90.90 and nearer the daily high. The lean hog futures market is seeing buying interest coming from improving cash and fresh pork market fundamentals.