Corn: March corn futures fell 2 1/4 cents to $4.28 1/4, nearer the daily low after hitting a two-week high overnight. The corn futures market saw a corrective pullback today following good gains on Friday.
Soybeans: March soybeans fell 6 cents to $10.61 3/4, near the daily low and hit a three-week high early on. March soybean meal fell $5.60 to $294.30, nearer the daily low. March soybean oil fell 10 points to 53.89 cents, nearer the daily low and hit a four-month high early on. The soybean and meal markets today saw corrective pullbacks that included technically bearish “outside days” down on the daily charts—suggesting the bulls have quickly become exhausted.
Wheat: March SRW lost 7 cents to $5.22 1/2 and near the session low after hitting a six-week high early on. March HRW fell 11 cents to $5.29 3/4 and near the daily low. March spring wheat futures fell 5 1/4 cents to $5.69 3/4. The winter wheat futures markets today saw significant downside corrections from Friday’s good gains as the bulls appear to have quickly become exhausted.
Cotton: March cotton fell 84 points to 62.97 cents, nearer the daily low and hit a contract low. The cotton futures market saw heavy technical selling pressure today.
Cattle: April live cattle rose $1.075 to $238.00, nearer the daily high. March feeder cattle gained $2.425 to $362.60, nearer the session high. The live and feeder cattle futures markets today got support from Friday afternoon’s monthly USDA Cattle-on-Feed Report that leaned overall price-friendly, and from solidly higher cash cattle prices fetched in trading last week.
Hogs: April lean hog futures rose 55 cents to $96.725, near mid-range and hit a contract high. Lean hog futures today saw more technical buying and firming cash hog and lean hog index prices.