Corn: May corn futures fell 1 3/4 cents to $6.31 3/4 and nearer the session low. Prices hit a three-week high early on. The corn market bulls were constrained today by the sharp drops in soybean and soybean meal futures markets.
Soybeans: May soybeans fell 29 cents and closed near session lows at $14.19 2/4. May soybean meal closed $13.3 lower at $438.3, the largest daily decline of the year. May soyoil saw losses of 247 points before settling at 52.17 cents, nearly 90 points off the intraday low. Soybean futures saw continued extensive losses today as both soybean meal and soyoil also got hammered.
Wheat: May SRW wheat fell 1 1/2 cents to $6.62, nearer the session low after hitting a 20-month low Wednesday. May HRW wheat gained 8 1/2 cents at $8.19 3/4 and near mid-range. May spring wheat futures rose 8 2/4 cents and settled at $8.19 3/4. The winter wheat futures markets saw spillover selling pressure from sharp losses in soybean and soybean meal futures today.
Cotton: May cotton fell 70 points to 77.58 cents, nearer the session low. Cotton futures edged lower, in step with crude oil weakness after a two-day attempt to push higher.
Cattle: April live cattle futures slipped 15 cents to $162.15 Thursday, while April feeder futures rallied 62.5 cents to $195.00. The bears’ inability to sustain Wednesday’s April futures’ drop to new lows apparently persuaded packers to pay up for cattle, since active trading reportedly broke loose at steady to higher levels yesterday afternoon.
Hogs: April lean hog figures settled 32.5 cents lower at $75.75, in the middle of today’s range. Lean hog futures saw action on both sides of yesterday’s settlement today with oversold conditions combating a weak cash market.