Corn: May corn futures fell 3 1/2 cents to $4.54 1/4, near mid-range and hit a three-week low. The corn futures market saw technical selling pressure that negated a price uptrend on the daily bar chart—to give the bears still more technical momentum.
Soybeans:May soybeans fell 2 1/2 cents to $11.68 1/2, nearer the daily high. May soybean meal gained $1.80 to $318.20, nearer the daily high. May soybean oil lost 177 points to 67.11 cents, near the daily low. The soybean futures today saw technical selling pressure as bulls were turned back by stiff overhead technical resistance levels.
Wheat: May SRW lost 18 3/4 cents to $5.97 1/2, nearer the session low. HRW fell 21 3/4 cents to $6.13 3/4, nearer the session low. May spring wheat futures fell 17 1/2 cents to $6.41, near the daily low. The winter wheat futures markets saw heavy profit-taking pressure today after posting good gains Tuesday following a price-friendly U.S. planted acreage estimate from USDA.
Cotton: May cotton futures rose 76 points to 70.76 cents, near the session high and closed at an eight-month high close. The cotton futures market bulls showed good resilience today following Tuesday’s bearish USDA planting intentions number.
Cattle: June live cattle rose $1.075 to $244.35, nearer the daily high and hit a contract high. May feeder cattle gained $1.525 to $368.00, near mid-range and hit a 5.5-month high early on. The cattle futures markets bulls are keeping their foot on the gas amid solid chart-based buying interest from the speculators.
Hogs: June lean hog futures rose $0.125 to $105.175, near mid-range. The lean hog futures market paused today. Weak technicals and declining cash hog and lean hog index prices are limiting buying interest in the hog futures market.