Corn: March corn was unchanged at $6.71 1/2, after falling to $6.71 1/4. Corn ended little changed after dropping earlier in sympathy with wheat, as widespread protests in China over Covid lockdowns rattled global markets, sparking a strengthening in the U.S. dollar and sending crude oil to an 11-month low.
Soybeans: January soybeans rose 21 cents to $14.57 1/4, the contract’s highest close since Nov. 15. January soymeal gained $5.40 to $411.70, the highest close since Nov. 9. January soyoil jumped 141 points to 73.12 cents. Soybeans erased overnight weakness and rallied near two-week highs behind strength in soymeal and further signs of strong export demand.
Wheat: March SRW wheat fell 16 1/4 cents to $7.80 3/4, the contract’s lowest close since $7.66 on Aug. 19. March HRW wheat lost 17 cents to $8.95. March spring wheat fell 9 3/4 cents to $9.39 3/4. SRW wheat fell the seventh day in the past eight on China concerns, poor export demand and bearish technicals. USDA’s weekly crop ratings will be delayed until Tuesday due to system outages, the agency said late today.
Cotton: March cotton fell 123 points to 78.95 cents, the contract’s lowest settlement since Nov. 2. Cotton resumed the recent downtrend as Covid-related protests in China stirred concern over the demand outlook for a top buyer of U.S. cotton.
Cattle: February live cattle fell 45 cents to $154.675, the contract’s lowest close since Nov. 16. January feeder cattle fell $1.425 to $176.875. Live cattle fell a fourth straight session as eroding technicals and demand concerns overshadowed cash market strength. Live steers averaged $156.07 last week, up $3.19 from the previous week and the eighth straight weekly increase. Choice beef cutout values rose $2.70 to $254.53, up from a near six-week low Friday. Movement was light at 85 loads.
Hogs: February lean hogs fell $3.75 to $84.75, the contract’s lowest close since Oct. 14. Futures fell sharply as protests in China over Covid lockdowns unnerved global markets and stirred concern over the country’s demand for agricultural products, such as pork. The CME lean hog index fell 61 cents to $85.56, near a 10-month low. Pork cutout values rose $1.89 to $89.52, up from a 10-month low Friday.