Editor’s note: Happy New Year from Pro Farmer! Markets will be closed Thursday for the New Year’s Day holiday. Pro Farmer will be observing an abbreviated schedule today and Friday, publishing First Thing Today and After the Bell. We will resume our regular publishing schedule on Monday, Jan. 5.
Corn: March corn futures fell 1/4 of a cent to $4.40 1/4, near mid-range for the day. The corn futures market continued its sideways pattern with trade tightly rangebound today. USDA this morning reported export sales of 2.202 million metric tons of corn, exceeding analysts’ expectations of 1 to 2 million metric tons.
Soybeans: March soybeans fell 14 3/4 cents to $10.47 1/2, near the session low. March soybean meal fell $2.90 to $299.40, nearer the daily low. March soybean oil fell 88 points to 48.56 cents, near the daily low. The soy complex saw continued follow-through selling today as the technical outlook continues to remain bearish. Soybeans got no help from an export sales report today that showed 987,100 MT, well below analyst expectations of 1.4 to 2.4 million metric tons.
Wheat: March SRW fell 3 3/4 cents to $5.07, near the daily low. March HRW lost 7 1/4 cents to $5.14 3/4, near the daily low. March spring wheat futures fell 4 1/2 cents to $5.74, nearer the daily low. Winter wheat futures markets faced pressure from a lackluster export sales report of 147,800 MT for all wheat, about mid-range of analyst expectations that ranged from net cancellations of 50,000 to net sales of 400,000 MT. Soft red winter wheat and white wheat saw cancellations outweigh sales this week, resulting in net cancellations for those classes.
Cotton: March cotton fell 5 points to 64.27 cents, near mid-range for the day. Cotton futures saw spillover selling pressure from the grains complex today. USDA’s export sales report today was price neutral for cotton at 191,800 bales, down from 313,600 bales last week, but in line with the four-week average of 192,000 bales.
Cattle: February live cattle rose $1.125 to $231.60, nearer the daily high. January feeder cattle gained 70 cents to $350.25, nearer the session high. USDA reported cash cattle trade yesterday averaged $228.83 for steers and $229.00 for heifers. Cattle futures today saw continued technical buying, as the technical posture remains bullish.
Hogs: February lean hog futures fell 35 cents to $85.10, nearer the session low. Lean hog futures saw pressure from weakening fundamentals. The most recent CME lean hog index is down 19 cents to $82.25, and has declined for consecutive days.