Market Recap: Mix of Buying and Selling in the Grain and Soybean Markets

Posted on 03/21/2018 3:13 PM

Corn: Corn futures settled narrowly mixed, with the May and July contracts 1/2 cent higher and December corn down 1/2 cent. Traders were again reluctant to move corn futures too far from unchanged today.

Soybeans: Soybean futures finished up 1 1/4 to 2 cents through the November contract. Meal prices were up $2.20-plus, while soyoil was up 61 to 63 points. Soybean futures managed light corrective gains today, but buying interest was somewhat limited today as rain is forecast for Argentine soybean regions Friday and Saturday.

Wheat: May through December SRW futures ended up 1/4 to 3/4 cent. HRW and HRS futures ended mostly 3 to 4 cents lower. Buying interest in wheat was again limited by recent rains in the Central Plains that have lessened dryness concerns even if they didn’t fully alleviate drought across the region.

Cotton: Cotton futures saw two-sided trade today before settling 13 to 49 points lower through the October contract, with far deferred months marginally higher. Cotton futures climbed to a new high for the week in early trade, but that gave way to some light profit-taking, despite pressure on the U.S. dollar index today.

Hogs: Lean hog futures saw a mix of followthrough selling and short-covering today that resulted in the market finishing 2 1/2 to 47 1/2 cents higher, with the exception of the front-month that closed 67 1/2 cents lower.

Cattle: Live cattle futures finished 82 1/2 cents to $1.875 lower today, with the April contract pacing losses. Feeder cattle futures dropped $1.00 to $1.475 through the October contract. The cattle market took another beating today, as funds continued to liquidate long positions.

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