Corn: December corn fell 2 3/4 cents to $6.56 3/4, while March corn fell 4 1/4 to $6.59 1/4, the contract’s lowest close since Nov. 15. Corn posted modest declines amid concern over surging Covid cases in China and a possible U.S. rail strike that could disrupt shipping.
Soybeans: January soybeans fell 7 cents to $14.29 3/4. January soymeal fell $3 to $405.00. January soyoil fell 71 points to 71.44 cents. Soybeans faded after climbing overnight behind strength in crude oil and vegoil markets and a pullback in the U.S. dollar.
Wheat: March SRW wheat fell 7 3/4 cents to $8.10 1/2, the contract’s lowest close since Aug. 25. March HRW wheat fell 10 3/4 cents to $9.12. March spring wheat fell 3 1/2 cents to $9.50 1/4. SRW wheat extended declines amid concern over slow export demand and possible shipping disruptions from a U.S. rail strike.
Cotton: March cotton futures rose 264 points to 82.42 cents after hitting a three-week low earlier. Cotton futures recovered from initial declines as a pullback in the U.S. dollar and strength in U.S. equities and crude oil encouraged short covering and bargain buying.
Cattle: February live cattle fell 30 cents to $156.425. January feeder cattle dropped 95 cents to $181.675. February live cattle took modest corrective pressure following a steep rally the past week. Futures remain supported by expectations cash prices will continue to strengthen beyond the 7 1/2-year highs reached in recent weeks. Choice beef cutout values rose $1.06 to $256.63 on strong movement of 157 loads.
Hogs: February lean hogs fell 7.5 cents to $90.075. Hogs ended mixed in two-sided trading, with continued weakness in near-term cash fundamentals weighing on prices but a tight longer-term supply outlook limiting selling. Wholesale pork remains under pressure as rising slaughter expands supplies. Pork cutout values fell 69 cents to $91.30, the lowest since mid-January. Movement slowed to 265 loads.