Corn: March corn futures rose 1 1/4 cents to $6.81 and near the session high. The corn market saw choppy and two-sided trading action today.
Soybeans: March soybeans fell 17 3/4 cents to $15.20 1/4 after trading as low as $15.10 3/4. March meal futures rose 50 cents to $484.70 and March soyoil dropped 154 points to 60.79. Soybeans plummeted after having made solid gains to round out the first month of the year.
Wheat: March SRW wheat fell 1 1/2 cents to $7.59 3/4. March HRW wheat gained 5 1/2 cents to $8.84 1/4 and scored a three-week high. Prices closed nearer the session highs. March spring wheat futures rallied 3 3/4 cents to $9.26. Short covering was featured in the winter wheat futures markets today, with HRW leading the way.
Cotton: We advise cotton hedgers and cash-only marketers to sell an initial 20% of expected 2023-crop production for harvest delivery. March cotton fell 61 points to 85.61 cents, ending the session below the 10-day moving average and nearer the session low.
Cattle: Nearby February live cattle futures slid 42.5 cents to $158.425 Wednesday, while most-active April fell 80 cents to $162.225. March feeder futures tumbled $2.90 to $183.25. Traders were apparently unimpressed with Tuesday’s bi-annual USDA Cattle report, since most of the numbers generally matched industry expectations.
Hogs: Nearby February lean hog futures sagged another 90 cents to $73.975 Wednesday, while most-active April dove $2.125 to $84.30. Pessimism about the demand outlook for hogs and pork surged again Wednesday.