Corn: March corn futures fell 5 cents to $4.28, nearer the session low and hit a three-week low. The corn market bears have come out of hibernation recently, with chart-based selling by the speculators featured.
Soybeans: January soybeans fell 2 1/4 cents to $9.83 1/2, while January soymeal closed $4.50 lower at $291.40, each ending near session lows. January soyoil rallied 138 points to 42.71 cents, forging a close above the 100-day moving average. Soybeans turned decidedly lower as the session progressed, in tandem with corn futures.
Wheat: March SRW futures rose 2 1/4 cents to $5.58 though closed mid-range. March HRW futures closed 1 3/4 cents higher at $5.58 3/4 though closed nearer session lows. March spring wheat futures rose a nickel to $6.01 1/2. Wheat futures saw relative strength today, led by corrective gains, though closed well off session highs.
Cotton: March cotton fell 4 points to 71.68 cents but managed to forge a high-range close. March cotton futures paused after scoring gains in the past six sessions. Technical resistances at the 100- and 40-day moving averages are limiting additional buyer interest along with resumed strength in the U.S. dollar and selling in crude oil futures.
Cattle: December live cattle futures climbed 40 cents to $186.90 but closed nearer session lows. January feeder cattle futures surged $2.625 to $258.10, settling nearer session highs. Feeder futures continue to show impressive strength though fats have struggled to reciprocate.
Hogs: February lean hogs rose $2.35 to $88.275, near the daily high and hit a contract high. The lean hog futures market saw technical buying from the speculators featured today, as February futures saw a bullish upside “breakout” from the recent sideways trading range at higher price levels.