Corn: March corn fell 4 cents to $4.54, ending near the session low. Corn futures favored the downside in narrow trade, with technical support allowing for consolidation around the recent high.
Soybeans: March soybeans fell 2 3/4 cents to $9.94 1/2, nearer the daily low. March soybean meal fell $2.70 to $300.80, near mid-range after hitting a two-week low early on. March soybean oil rose 34 points to 41.59 cents, nearer the daily high and hit a three-week high. The soybean futures market continues to languish at lower price levels.
Wheat: March SRW wheat fell 6 1/4 cents to $5.36 1/4, while HRW futures fell 5 1/2 cents to $5.50 1/4. Each marking low-range closes. Technical pressure and U.S. dollar strength continue to curb buyer interest in wheat futures, though consolidation ahead of USDA’s first look at 2025 wheat acres and quarterly stocks on Friday will likely maintain a subdued tone across the marketplace.
Cotton: March cotton fell 28 points to 68.23 cents and nearer the daily low. The cotton futures market today saw modest selling pressure amid bearish technicals and a strong U.S. dollar index that today saw solid gains to push prices back near last week’s two-year high.
Cattle: Cattle futures set back in the wake of recent gains. Nearby February live cattle ended Wednesday at $193.70, down $1.875, while most-active March feeder futures dove $2.825 to $265.575. The cash cattle and wholesale beef markets remained extremely strong Wednesday, although cash trading has yet to break loose, as is usual.
Hogs: February lean hog futures climbed 30 cents to $79.475 while deferred contracts posted losses. Nearby lean hog futures marked a fresh for-the-move low early in the session before reversing and closing mid-range.