Market Recap: Soybeans Close on a Strong Note

Posted on 03/16/2018 3:25 PM

Corn: Futures contracts ended the day down 2 1/4 to 4 cents, with May futures leading the declines. Contracts posted technically bearish weekly low closes today. Profit taking was featured, but no serious chart damage was inflicted. A big selloff in the wheat market this week has also spilled over into pressure on the corn market. For the week, May corn lost 7 3/4 cents.

Soybeans: Soybean futures ended the week on a strong note, pushing 7 1/2 to 9 cents higher for the day and helping futures to close out the week with games around a dime. Early next week, traders will assess coverage and accumulation of the weekend rain event for Argentina and determine whether it can help salvage the crop.

Wheat: Winter wheat futures faced heavy pressure today and futures settled low-range and down 10 to 14 cents in most contracts. Spring wheat futures posted lighter losses of 2 1/4 to 3 3/4 cents. For the week, the May contract dropped 21 1/2 cents. 

Cotton: Futures ended down 62 to 68 points in the nearby contracts, with deferred contracts finishing narrowly mixed. For the week, May cotton dropped 167 points. December cotton lost just 44 points on the week.

Hogs: Lean hog futures settled steady to 45 cents lower on the day through the October contract. The front-month posted heavy losses for the week, but deferred months edged out gains, with the May contract closing 75 cents higher for the week.

Cattle: Live cattle futures prices were down 40 to 70 cents today, with April and June contracts closing at technically bearish weekly low closes, and closing at the lowest level in two-months. Nearby feeder cattle contracts finished down 62 1/2 to 65 cents and hit two-month lows. For the week, April live cattle finished down $1.875. May feeders ended up losing $3.70.

 

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