Corn: March corn futures fell 6 1/2 cents to $4.33 1/2, near the daily low. Trading in the corn futures market has turned choppy and sideways as prices are right in the middle of a well-defined trading range.
Soybeans: January soybeans fell 9 cents to $11.15 3/4, near the session low and closed at a three-week low close. March soybean meal lost 50 cents to $316.10, nearer the daily low and hit a five-week low. March soybean oil lost 99 points to 52.19 cents, near the daily low. Soybean and meal futures saw some more modest technical selling pressure today as the near-term chart postures for both markets have deteriorated recently.
Wheat: March SRW fell 2 3/4 cents to $5.38 1/4, near the daily low. March HRW fell 3 1/2 cents to $5.29 1/2, nearer the daily low. March spring wheat futures fell 4 1/2 cents to $5.76 1/4, near the daily low. Winter wheat markets today saw corrective pullbacks following Tuesday’s gains.
Cotton: March cotton fell 11 points to 64.46 cents, nearer the daily low. Cotton futures saw some modest technical selling pressure today as the near-term technical posture for the market remains bearish.
Cattle: February live cattle rose $1.10 to $221.90, nearer the daily high and closed at a three-week high close. January feeder cattle gained $1.975 to $331.85, nearer the session high and hit a four-week high. The live and feeder cattle futures markets rallied again today on short covering and perceived bargain hunting.
Hogs: February lean hogs rose 82 1/2 cents to $81.00, nearer the session high. Lean hog futures today saw some short covering following losses on Monday and Tuesday.