Corn: May corn futures fell 6 cents to $4.59 1/2, nearer the daily low and scored a bearish “outside day” down on the daily bar chart. The corn futures market today saw selling pressure from the steep drop in crude oil prices amid comments from President Trump that the war in Iran may be de-escalating.
Soybeans: May soybeans rose 2 1/4 cents to $11.63 1/2, near mid-range. May soybean meal lost $1.40 to $326.60, nearer the daily low. May soybean oil rose 7 points to 65.58, near mid-range. The soybean futures today saw some mild short covering but gains were limited by the sell off in the corn and winter wheat markets.
Wheat: May SRW fell 7 1/2 cents to $5.87 3/4, near mid-range and hit a two-week low. May HRW lost 3 cents to $6.03 1/4, near mid-range and hit a two-week low. May spring wheat futures closed a penny lower at $6.27. The SRW winter wheat futures market saw technical selling pressure today as near-term price uptrends have stalled out.
Cotton: May cotton futures fell 13 points to 67.18 cents, nearer the session low. The cotton futures market today saw mild profit-taking pressure and weak long liquidation following last week’s gains.
Cattle: April live cattle rose $1.25 to $235.30, nearer the daily high. May feeder cattle gained $1.975 to $348.35, near the daily high. The cattle futures markets early on today saw some sideways pausing action amid volatile outside markets that are keeping both the cattle market bulls and bears tentative to start the trading week.
Hogs: April lean hog futures fell $0.475 to $90.80, near the daily low and hit a nine-week low. Lean hog futures today saw more technical selling pressure today amid a price downtrend in place on the daily bar chart.