Corn: March corn futures fell 5 cents to $6.74 and near the session low. The corn market saw position evening featured today, ahead of USDA’s Supply and Demand report Wednesday morning.
Soybeans: March soybeans fell 6 cents to $15.15 1/4, ending the session below the 10- and 20-day moving averages. March meal dropped $7.60 to $481.40 and March soyoil surged 158 points to 60.89. Soybeans rebounded off their lows at midmorning as soyoil strength, led by a rally in crude oil, offered mild spillover support.
Wheat: March SRW wheat fell 1/2 cent to $7.49 3/4 and near mid-range. March HRW wheat closed up 9 3/4 cents at $8.85 3/4 and nearer the session high. March spring wheat futures posted a low-range close, slipping 1/4 cent to $9.17 1/4. The wheat markets saw some position evening in the SRW futures and short covering in the HRW futures ahead of Wednesday’s balance sheet updates from USDA.
Cotton: March cotton rose 236 points to 85.63, after trading as low as 83.27. Cotton futures surged higher as crude oil futures sustained a rally off a multi-week low with traders fearing a supply squeeze from increased Chinese demand.
Cattle: The nearby February live cattle contract slipped 25 cents to $160.575 today, while most-active April fell 87.5 cents to $163.60. March feeder futures slid 50 cents to $187.20. Cattle futures set back Tuesday after having set a fresh contract high for the fourth straight day (and sixth in the past seven) early in the session.
Hogs: Expiring February hog futures rose 33.5 cents to $75.375 Tuesday, while most-active April futures advanced 55 cents to $83.275. The cash hog market has apparently made a decisive turn to the upside, with traders now trying to decide how substantially it will rise in the days and weeks ahead.