Corn: March corn futures fell 1 cent to $4.39 3/4, nearer the daily high and hit a three-week low early on. The corn futures market saw follow-through technical selling pressure early today after Friday’s bearish weekly low close but recouped much of the earlier losses by today’s close.
Soybeans: January soybeans fell 5 cents to $10.71 3/4, near mid-range and hit a seven-week low. January soybean meal gained $1.00 to $303.50, nearer the daily high. January soybean oil fell 59 points to 49.48 cents, nearer the session low and hit a six-week low. The soybean and bean oil markets today saw technical selling pressure as their prices are trending down on the daily bar charts.
Wheat: March SRW fell 8 1/2 cents to $5.20 3/4, nearer the session low and hit a seven-week low. March HRW lost 6 cents to $5.12, nearer the daily low and hit a seven-week low. March spring wheat futures closed 7 cents lower at $5.68 3/4. The SRW wheat markets today saw technical selling pressure amid price downtrends firmly in place on the daily charts.
Cotton: March cotton rose 11 points to 63.94 cents, nearer the daily low. Cotton futures saw mild short covering featured today. Lower crude oil prices limited the upside in cotton today, as did sell-offs in the grain futures markets.
Cattle: February live cattle rose $1.00 to $230.55, nearer the daily high. January feeder cattle gained 82 1/2 cents to $330.925, near mid-range. The cattle futures markets today saw some modest technical buying to start the trading week, after recent solid gains.
Hogs: February lean hogs fell 67 1/2 cents to $83.85, but closed nearer the daily high. Lean hog futures saw some routine profit-taking pressure from the shorter-term speculators today, after prices Friday hit a six-week high.