Corn: May corn futures fell 2 1/4 cents to $4.58 3/4, nearer the session low. The corn futures market has turned choppy and the bulls have lost the upside momentum they gained in early March.
Soybeans: May soybeans fell 2 3/4 cents to $10.12 3/4, while May soymeal closed down $4.40 to $299.90, each ending near session lows. May soyoil rose 44 points to 42.54 cents, marking a more than one-week high close. Soybeans held an inside range as pressure from soymeal offset support from soyoil, while a returning risk-off tone increased across the marketplace as the session progressed.
Wheat: May SRW futures closed 3 1/2 cents lower to $5.65, nearer session lows. May HRW futures inched 3/4 cents higher to $6.06 1/4. May HRS wheat closed down a penny to $6.14. Wheat futures built on Monday’s strength early in the session, though heavy selling pressure across the general marketplace weighed heavily on prices as the day went on.
Cotton: May cotton fell 51 points to 66.47 cents, closing near the session low. Cotton futures extended lower amid lacking outside market help as the general marketplace leans more risk averse during the Federal Reserve’s FOMC meeting, which began this morning and ends Wednesday afternoon.
Cattle: Tariff concerns seemed to undercut cattle markets Tuesday, but bulls powered the nearby contracts higher at the close. April live cattle edged up 35 cents to $205.375, while most-active April feeders gained 35 cents to $284.55. Expiring March feeder futures also rose 35 cents to $284.975. Underlying fundamentals remain quite supportive of the cattle and feeder markets.
Hogs: April lean hogs fell 47 1/2 cents to $87.60 and near mid-range. The lean hog futures market saw some mild technical selling pressure today after prices Monday challenged stiff overhead resistance but could not push above it today.