Corn: March corn fell 8 cents to $6.70 1/2, ending the session below the 100-day moving average of $6.71 3/4. Corn traded steadily lower to start the year as outside markets weighed on commodities, export demand concerns increase and much-needed rains fell in Argentina over the weekend.
Soybeans: March soybeans fell 31 3/4 cents to $14.92 1/4. March soybean meal fell $5.90 at $465.10. March bean oil dropped 87 points at 63.20 cents. All three markets finished near their daily lows. Profit taking was featured in the soybean complex futures today after March soybean prices hit a six-month high and meal a contract high last Friday.
Wheat: Wheat futures tumbled in step with corn and soybeans, with March SRW futures falling 16 1/2 cents to $7.75 1/2 and March HRW tumbling 18 3/4 cents to $8.69 1/4. March HRS futures sank 19 1/2 cents to $9.19 1/4. Today seemed to be a ‘risk-off’ day in the financial markets, with the equity indexes dropping and the value of the U.S. dollar looking set to post its highest close since Dec. 19.
Cotton: March cotton fell 23 points to 83.14 cents and near the session low. It was a bad day for the cotton market bulls to start the trading week, given the bearish outside market forces that included sharp gains in the U.S. dollar index, sharply lower crude oil prices and a sell-off in the U.S. stock market.
Cattle: February live cattle fell $1.05 to $156.85, the lowest close since Dec. 20. March feeders fell $1.45 to $184.775, the lowest close since Dec. 21. Live cattle dove to start the new year, despite firming cash fundamentals and wholesale beef prices.
Hogs: Nearby February lean hog futures led the complex lower Tuesday, falling $2.625 to $85.075. The hog market continued reducing the large premiums built into the various contracts Tuesday.