Corn: March corn futures fell 1 3/4 cents to $6.69 1/2, after rising earlier to the highest level in over a week. Corn faded from earlier gains amid weakness in wheat prices, strength in the U.S. dollar and sluggish exports.
Soybeans: January soybeans rose 2 1/4 cents to $14.59 1/2, the contract’s highest close since Nov. 4. January soymeal fell $4.10 to $407.60. January soyoil fell 14 points to 72.98 cents. Nearby soybeans rose amid demand optimism and easing concerns over Covid lockdown protests in China.
Wheat: March SRW wheat futures rose 3/4 cent to $7.81 1/2. March HRW wheat fell 8 cents to $9.01. March spring wheat tumbled 11 cents to $9.40 1/4. SRW futures posted modest gains amid easing concerns over China. USDA late today reported 34% of the U.S. winter wheat crop was in either “good” or “excellent” condition as of last Sunday, up from 32% a week earlier and about one percentage point above analysts’ expectations.
Cotton: March cotton rose 166 points to 80.61 cents, up from a four-week closing low Monday. Cotton futures rose in a corrective, short-covering bounce from Monday’s declines, supported by early weakness in the U.S. dollar and strength in crude oil prices.
Cattle: February live cattle rose 12.5 cents to $154.80. January feeder cattle gained $1.125 to $178.00. Live cattle futures rose amid support from cash prices that are expected to extend a nearly two-month upswing driven in part by ramped-up slaughter.
Hogs: February lean hogs fell 60 cents to $84.15, the contract’s lowest close since Oct. 14. Hog futures extended the past week’s steep declines amid anticipation of seasonal cash weakness at least through mid-December and possibly for the balance of the year.