Corn: March corn futures fell 1 1/4 cents to $6.52 3/4 today, nearer the session low. The corn market bulls were disappointed their market could gain no price traction today amid sharp losses in the U.S. dollar index, higher crude oil prices and a rally in the U.S. stock market.
Soybeans: March soybeans fell 4 cents to $14.88 1/2, nearer the session low, while March soymeal dropped $7.30 to $470.30 and March soyoil rose 18 points to 63.35 cents. Soybeans traded a narrow range to start the week with a strengthening crude oil futures and a sinking U.S. dollar seemingly having little bearing on prices.
Wheat: March SRW wheat futures fell 2 cents to $7.41 1/2. March HRW futures dropped 3 1/2 cents to $8.28 1/2. March HRS futures firmed 1/4 cent to $9.02. Wheat futures spent time of both sides of unchanged in choppy trade to kick off the week.
Cotton: March cotton rose 54 points to 86.22 cents after trading as high as 87.97 cents, the highest intraday level since Dec. 22. Cotton futures extended last week’s gains amid strength in crude oil futures and a weaker U.S. dollar index on likely spillover from last week’s U.S. jobs report that suggested the economy may escape a recession despite the Fed’s aggressive monetary policy.
Cattle: February live cattle rose 97 1/2 cent to $157.75. March feeder cattle gained 65 cents to $186.30. Prices closed nearer their session highs today. The live and feeder cattle futures markets were supported today by bullish near-term technicals as well as friendly outside markets today that included a sharply lower U.S. dollar index, higher crude oil prices and a rally in the U.S. stock market.
Hogs: February lean hog futures firmed 52.5 cents to $80.80. The April through December contract posted gains in the $1.15 to $2.025 range, led by summer-month contracts. Today’s price gains were corrective in nature, driven by ideas recent hefty losses were overdone.