Corn: March corn futures rose 1 1/2 cents to $4.38 1/4, nearer the daily high. The corn futures market today saw a mild corrective rebound on some tepid short covering after recent selling pressure.
Soybeans: January soybeans rose 1 1/2 cents to $11.24 3/4, nearer the session high. March soybean meal gained $2.00 to $326.10, near mid-range. March soybean oil rose 12 points to 51.16 cents, nearer the daily high and hit a two-week low early on. The soybean futures market has paused early this week, while meal futures saw some corrective buying today,
Wheat: March SRW rose 4 1/2 cents to $5.38 1/4, nearer the daily high. March HRW rose 5 3/4 cents to $5.28 1/4, nearer the daily high. March spring wheat futures gained 4 3/4 cents to $4.80 3/4, nearer the daily high. Winter wheat markets today saw short-covering bounces following recent downside price action.
Cotton: March cotton rose 23 points to 64.23 cents, near mid-range. Cotton futures today saw more tepid short covering. Recent price action in March cotton begins to suggest the bears are exhausted and that a near-term price bottom is in place.
Cattle: February live cattle fell 20 cents to $207.325, near mid-range and hit a six-month low early on. January feeder cattle gained $2.10 to $307.075, nearer the session high and hit a nearly five-month low early on. The live cattle futures market today saw a pause and feeder cattle futures saw a corrective bounce after both closed locked limit down on Monday.
Hogs: February lean hogs fell 17 1/2 cents to $79.00, nearer the session low. Lean hog futures market today paused in the existing price downtrend after posting short-covering gains Monday. Steadily declining cash hog prices will continue to limit the upside in futures, until the cash market stabilizes.