Corn: May corn futures fell 6 3/4 cents to $4.53 3/4, near the session low and hit a 10-month high in the overnight trade. The corn futures market today saw profit-taking pressure from recent good gains and lost altitude as the session progressed—following in nearly lock-step fashion the movements of the crude oil market today.
Soybeans: May soybeans lost 4 1/2 cents to $11.96 1/4, nearer the daily low after hitting a two-year high overnight. May soybean meal fell $3.70 to $313.50, near the daily low. May soybean oil lost 48 points to 66.10, nearer the daily low and hit another contract high early on. A firmer U.S. dollar index that today hit a 3.5-month high was also negative for grain markets.
Wheat: May SRW fell 13 1/2 cents to $6.03 1/4, near the daily low after hitting a nine-month high overnight. May HRW lost 3 3/4 cents to $6.19 3/4, near the daily low and hit an 11-month high overnight. May spring wheat futures rose 3 cents to $6.46. The winter wheat futures market saw good buying interest overnight when Nymex crude oil prices spiked to near $120 a barrel.
Cotton: May cotton futures rose 42 points to 64.62 cents, near mid-range. The cotton futures market today saw some short covering but gains were limited by a sell off in the grains.
Cattle: April live cattle fell $4.425 to $230.15, nearer the daily high and hit a nearly three-month low early on. March feeder cattle lost $4.975 to $350.65, nearer the daily high and hit a more-than-two-month low early on. The cattle futures markets today saw heavy selling pressure today amid keener risk aversion in the general marketplace amid the war in Iran that shows no sign of ending.
Hogs: April lean hog futures fell 80 cents to $94.825, near mid-range and hit a two-week low. Lean hog futures today saw some more profit taking from the shorter-term speculators, as well as some spillover pressure from more big losses in the cattle futures market amid another risk-off day in the general marketplace.
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