Corn: May corn futures closed steady at $4.54, near mid-range. The corn futures market today paused as bulls try to stabilize the market after Monday’s price downdraft.
Soybeans: May soybeans rose 1 3/4 cents to $11.57, near mid-range and hit a three-week low early on today. May soybean meal fell $0.50 to $311.70, near mid-range. May soybean oil rose 203 points to 65.97 cents, nearer the daily high. The soybean market saw a mild corrective bounce today after May and July futures closed locked down the daily limit on Monday.
Wheat: May SRW lost 7 1/2 cents to $5.89 3/4, nearer the daily low. May HRW lost 9 3/4 cents to $6.06 3/4, nearer the daily low. May spring wheat futures fell 9 3/4 cents to $6.24 1/4. The winter wheat futures market saw follow-through technical selling pressure following Monday’s solid losses.
Cotton: May cotton futures rose 58 points to 68.77 cents, nearer the session high and hit a 4.5-month high. The cotton futures market today saw more short covering and technical buying featured amid better risk appetite in the general marketplace and a weaker U.S. dollar index so far this week.
Cattle: April live cattle rose $1.975 to $235.225, nearer the daily high. March feeder cattle gained $4.35 to $359.80, near the daily high. The cattle futures markets today continued good corrective rebounds amid perceived bargain hunting.
Hogs: April lean hog futures rose 22 1/2 cents to $93.725, near mid-range. Lean hog futures this week are pausing as bulls work to stabilize the market after recent selling pressure.
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