Corn: March corn futures rose 2 1/4 cents to $4.24, nearer the daily high. The corn futures market saw mild short covering in quieter dealings today.
Soybeans: March soybeans fell 1/2 of a cent to $10.64, nearer the daily low and hit a three-week high early on. March soybean meal rose $4.80 to $296.20, nearer the daily high. March soybean oil lost 23 points to 53.78 cents, nearer the daily low and hit a four-month high early on. The soybean and bean oil markets saw some corrective selling pressure today, while the meal market saw decent buying interest that was mostly short covering by the speculators.
Wheat: March SRW rose 7 3/4 cents to $5.15 1/2 and near the session high. March HRW gained 6 cents to $5.25 3/4 and nearer the daily high. March spring wheat futures rose 10 cents to $5.73 3/4, nearer the daily high. The winter wheat futures markets today saw short covering and perceived bargain buying.
Cotton: March cotton fell 42 points to 63.88 cents, near the daily low and hit a three-week low. The cotton futures market saw technical selling pressure today as prices are starting to trend down again on the daily bar chart.
Cattle: February live cattle fell 72 1/2 cents to $232.375, near the session low. March feeder cattle fell 10 cents to $359.275, near mid-range. The live cattle futures market saw some mild profit taking and position-squaring, while feeder cattle futures saw a pause in quieter trading, as market participants await Friday afternoon’s monthly USDA cattle-on-feed report.
Hogs: February lean hog futures rose 62 1/2 cents to $88.475, near mid-range after hitting a 3.5-month high early on. Lean hog futures today saw some technical buying early today and then some mild profit taking by the shorter-term speculators later in the session, to take prices off their daily highs.