Market Recap: Corn and Soybeans Push Higher

Posted on 03/13/2018 2:50 PM

Corn: Corn futures climbed to multi-month highs this morning before paring gains to finish midrange and up 1 to 2 cents. Traders followed the trend higher today, with fundamental support coming from both the supply and demand side of the market.

Soybeans: Futures prices finished up 7 1/4 to 8 1/2 cents today. Meal prices were up $2.50 to $5.10 in the nearby contracts. Soybean oil was up 42 to 47 points. Soybean futures enjoyed a corrective bounce after recent strong selling pressure.

Wheat: SRW futures prices were mostly 3 to 4 1/4 cents lower. HRW prices ended down 1 3/4 to 2 cents. Spring wheat futures settled mixed, with nearbys 1 to 4 cents higher. World Weather Inc. noted better rainfall chances in their extended forecast for the southern U.S. Plains states at midday, including parched regions of eastern Colorado and Oklahoma

Cotton: Cotton futures saw two-sided trade today, before settling mid- to low-range and down 16 to 35 points. The July contract paced losses. Cotton futures enjoyed a bit of short-covering in early trade, with traders noting a softer U.S. dollar index.

Cattle: Cattle futures faced pressure early in today’s session, but the market ultimately settled high-range, with the front month up 35 cents and deferreds down 5 to 47 1/2 cents. Feeder cattle futures settled 27 1/2 to $1.025 lower on the day, which was a midrange finish. Cattle futures found support on an early test of last week’s lows and the 200-day moving average for the front-month.

Hogs: Lean hog futures enjoyed an upside day of trade and prices settled 5 to 62 1/2 cents higher on the day, with the May contract leading gains. Lean hog futures enjoyed some corrective short-covering today, with dollar weakness and ideas the downside has been overdone lending the market support.

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