Corn: March corn fell 4 1/2 cents to $4.82, closing nearer the session high after carving a more than one-week low early on. Corn futures extended Friday’s losses to begin the week, with selling in soybeans and crude oil futures spurring a corrective move in the wake of recent gains.
Soybeans: March soybean futures fell 10 3/4 cents to $10.45 and settled nearer session lows. March meal futures dropped $4.10 to $300.80. March bean oil slipped 22 points to 45.00 cents. Soybean futures opened lower overnight but did not see any followthrough selling pressure during today’s session as bulls maintained key technical support to keep the near-term uptrend intact.
Wheat: March SRW wheat fell 8 1/2 cents to $5.35 1/2, nearer the daily low and hit a two-week low. March HRW wheat lost 6 1/4 cents to $5.53 1/4 and nearer the daily low. March spring wheat futures sunk 9 1/2 cents to $5.85 3/4. The wheat futures markets, like many other commodity futures markets today, fell victim to selling pressure from a keener “risk-off” day to start the trading week.
Cotton: March cotton slid 34 points to 67.27 cents, marking a low-range close. Cotton futures held a narrow range to begin the week despite heightened volatility and risk-off selling in crude oil and equities.
Cattle: April live cattle rose 80 cents to $203.825, near mid-range and hit a new contract high early on. Nearby February live cattle futures set a record intraday high today of $208.15. March feeder cattle fell $1.325 to $275.25, nearer the session low and hit a contract high early on. Nearby January feeder cattle hit a record intraday high today of $280.55. A keener “risk-off” trading day in the marketplace took some of the wind out of the cattle futures markets bulls.
Hogs: April lean hog futures climbed $1.675 to $89.875, while nearby February futures rose 75 cents to $83.05. Lean hog futures surged higher today, driven by strength in the cash markets.