Corn: March corn futures rose 5 cents to $4.50, near the daily high and hit a two-week high. The corn futures market today saw good gain on a “Turnaround Tuesday” trade by the speculators.
Soybeans: January soybeans fell 3 1/4 cents to $11.24 3/4, near the session low. March soybean meal lost $2.90 to $316.60, nearer the daily low and hit a three-week low. March soybean oil rose 34 points to 53.18 cents, nearer the daily high and hit a 2.5-month high. Soybean and meal futures saw modest technical selling pressure today as the near-term chart postures for both markets have deteriorated just recently.
Wheat: March SRW rose 6 cents to $5.41, nearer the daily high and hit a five-week low early on. March HRW gained 6 1/4 cents to $5.33, nearer the daily high and hit a two-week high. March spring wheat futures rose 4 3/4 cents to $5.80 3/4. Winter wheat markets today saw short covering and some perceived bargain hunting.
Cotton: March cotton fell 6 points to 64.57 cents, near mid-range. Cotton futures traders took a pause today. Recent price action in March cotton begins to suggest a near-term price bottom may be in place.
Cattle: February live cattle rose $4.875 to $220.80, nearer the daily high. January feeder cattle gained $8.80 to $329.875, near the session high and hit a three-week high. The live and feeder cattle futures markets bulls needed to show power early this week and did just that today.
Hogs: February lean hogs fell 12 1/2 cents to $80.175, near mid-range. Lean hog futures today saw some mild technical selling pressure as the overall chart posture for the market remains bearish.