Corn: December corn fell 7 1/2 cents to $4.70 3/4, ending nearer the session low. Corn futures gave up a bit more of Monday’s gains as profit-taking in soybeans combined with outside market pressure weighed on prices.
Soybeans: January soybeans fell 4 3/4 cents to $13.85 and nearer the session low after hitting a 2.5-month high early on. March soybean meal dropped $4.00 to $436.90 and nearer the session low. March bean oil rose 33 points to 52.03 cents, near mid-range and hit a three-week high. The soybean and meal futures markets saw some routine profit-taking pressure amid near-term price uptrends that remain in place.
Wheat: December SRW wheat fell 11 1/2 cents to $5.60 1/2, the lowest close since Oct. 31. December HRW was unchanged at $6.39 3/4, while December spring wheat rose 3/4 cent to $7.35 1/4. SRW wheat led the wheat complex lower today as strong overhead resistance and returned strength in the U.S. dollar following Tuesday’s sharp losses crimped optimism.
Cotton: March cotton fell 14 points to 81.01 cents and near mid-range. The cotton futures bulls could show no follow-through buying strength after Tuesday’s decent short-covering gains.
Cattle: Cattle futures resumed their recovery from last week’s breakdown, with nearby December live cattle surging $1.925 to $177.775 and most-active January feeder futures rising $1.90 to $230.90. The exception was the expiring November contract (which goes off the board at noon Thursday); it fell 62.5 cents to $229.425. The latest report from the USDA again pointed to minimal activity in the fed cattle markets, with the only Tuesday trading being the sale of 205 Iowa cattle at $178.00.
Hogs: December lean hog futures dropped $1.25 before settling at $71.05. Lean hog futures slipped as the CME lean hog index is projected to continue its seasonal decline.