Corn: March corn futures fell 3/4 cent to $4.36 3/4, near mid-range and hit a four-week low today. The corn futures market today saw some mild technical selling pressure as the near-term price uptrend on the daily chart for March corn has been negated and prices are starting to trend down now.
Soybeans: January soybeans fell 1 3/4 cents to $11.23 1/4, near mid-range. March soybean meal fell 60 cents to $324.10, near mid-range. March soybean oil fell 8 points to 51.04 cents, nearer the daily high and hit a two-week low early on. The soybean complex futures saw selling interest limited today despite lower corn and wheat futures prices.
Wheat: March SRW fell 5 cents to $5.34 3/4, near the daily low and hit a four-week low. March HRW fell 3 3/4 cents to $5.22 1/2, near mid-range. March spring wheat futures rose 2 3/4 cents to $5.78, nearer the daily high. Winter wheat markets today saw more technical selling pressure today as near-term price downtrends have developed on the daily charts.
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Cotton: March cotton rose 15 points to 64.00 cents, near mid-range. Cotton futures today saw tepid short covering. Gains were limited by the selling pressure in most of the grain futures markets.
Cattle: February live cattle fell the daily trading limit of $7.25 to $207.525 and hit a nearly five-month low. January feeder cattle also dropped the daily trading limit of $9.25 to $304.975 and hit a nearly five-month low. Daily trading limits in both markets will be expanded on Tuesday. The live and feeder cattle futures markets suffered another major psychological blow following news late Friday that Tyson Foods Inc. said it is ending operations at a beef plant in Lexington, Nebraska and cutting a shift at an Amarillo, Texas facility as the meat producer hast lost millions of dollars amid the smallest U.S. cattle herd in decades.
Hogs: February lean hogs rose $1.475 to $79.175, nearer the session high. Lean hog futures market today saw more short covering. However, gains were somewhat limited by steadily declining cash hog prices.