Corn: March corn futures fell 1 3/4 cents to $4.19 3/4, near mid-range and hit another 4.5-month low early on. The corn futures market saw mild follow-through selling today, following Monday’s drubbing in the wake of bearish USDA data.
Soybeans: March soybeans fell 10 1/4 cents to $10.38 3/4, near the daily low and hit a three-month low. March soybean meal fell $6.70 to $291.60, near the daily low and hit a nearly three-month low. March soybean rose 93 points to 51.20 cents, nearer the daily high and hit a four-week high. Soybeans saw follow-through selling pressure following Monday’s losses that came following bearish USDA data.
Wheat: March SRW fell 3/4 cent to $5.10 1/2 and near mid-range. March HRW lost 7 1/4 cents to $5.19 1/2 and near the daily low. March spring wheat futures rose 3/4 of a cent to $5.66 1/2. The HRW futures markets saw follow-through selling pressure today, while the SRW market paused.
Cotton: March cotton fell 3 points to 64.88 cents, nearer the daily low. Cotton futures today paused following Monday’s gains. Mostly lower grain futures prices limited buying interest in cotton.
Cattle: February live cattle rose $2.00 to $237.25, nearer the session high and hit a 2.5-month high. March feeder cattle gained $5.95 to $362.175, near the session high and hit a 2.5-month high. The cattle futures markets today saw good buying interest today amid bullish technical charts and bullish fundamentals, to suggest more price upside is likely in the near term.
Hogs: February lean hog futures rose 20 cents to $84.625, nearer the session high. Lean hog futures today saw a mild upside correction after two days in a row of downside pressure.