Market Recap: Corn, Soybean and Wheat Markets Trying to Stabilize

Posted on 03/22/2018 2:58 PM

Corn: Futures closed up a penny to 1 3/4 cents today as the market attempts to stabilize after recent strong selling pressure. There was no daily corn sales announcement from USDA today, ending a four-day streak of such announcements.

Soybeans: Soybean futures enjoyed light gains overnight, though buying dried up with the start of the day trading session. But some late short-covering did help the market to finish midrange and steady to fractionally higher. Soymeal futures posted gains while soyoil futures faced pressure.

Wheat: Wheat futures benefitted from some corrective trade today. HRW wheat led to the upside with gains of 5 1/2 to 6 3/4 cents for the day. HRS wheat finished 3/4 to 3 3/4 cents higher today. And SRW wheat closed around 2 cents higher.

Cotton: Cotton futures settled 5 to 44 points lower, with old-crop contracts pacing losses. Cotton futures initially tried to work higher, but buyer interest ran out as some concerns about a trade war with China crept into the market.

Hogs: Lean hog futures posted losses of $1.325 to $2.175 through the August contract and finished low-range. The April and May contracts posted new lows. Trade concerns fueled a wave of heavy selling in the hog market today.

Cattle: April live cattle finished up 62 1/2 cents, while the June contract was up $1.15. Deferred contracts were up $1.125 to $1.475. Feeder futures ended up $1.05 to $2.125. Short covering and bargain hunting were featured today after recent strong selling pressure. Traders today worked to narrow the big discount April live cattle futures hold to the cash market.

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