Corn: March corn fell 2 1/2 cents to $6.67, down 29 3/4 cents for the month. Corn faded from overnight gains and ended lower as ongoing concern over slow export demand outweighed bullish outside markets, including the crude oil’s rally.
Soybeans: January soybeans rose 10 cents to $14.69 1/2, the contract’s highest close since Sept. 20. January soymeal rose $9.20 to $417.70, the highest close since Nov. 1. January soyoil fell 110 points to 71.88 cents. Soybeans extended a two-week rally amid a surge in soymeal, further indications of strong demand and concerns over South American dryness.
Wheat: March SRW wheat rose 14 cents to $7.95 1/2 and March HRW wheat gained 12 3/4 cents to $8.99 3/4. March spring wheat rose 8 1/2 cents to $9.43. Winter wheat was boosted by short covering in the wake of the market’s drop to three-month lows earlier this week. A sharp pullback in the U.S. dollar also supported grain markets.
Cotton: March cotton closed up the 400-point daily limit at 84.61 cents. Cotton futures rose sharply as U.S. dollar weakness and easing concern over China spurred short covering and bargain hunting. Strength in outside markets such as crude oil also boosted cotton.
Cattle: February live cattle climbed 87.5 cents to $155.675, the contract’s highest close since Nov. 22. January feeder futures surged $2.475 to $180.475. Expectations for continued strength in cash prices supported cattle futures.
Hogs: February lean hogs rose $1.20 to $85.35, after earlier dropping as low as $83.725, the lowest intraday price since Oct. 17. Hog futures rebounded sharply from six-week lows earlier in the session amid ideas the cash market is near a seasonal bottom and may trend higher over the next few weeks.