Soybean futures gapped higher Monday and extended gains through midday Wednesday, but that gave way to late-week profit-taking that resulted in weekly losses. Price action in the soybean market last week proved how difficult it is to sustain buying interest on early-season Argentine weather concerns, especially when weather in Brazil is mostly favorable. With the soybean market under pressure, corn futures declined, though support at the contract lows from November remain intact. Wheat futures were also lower, with winter wheat markets posting new contract lows while spring wheat made new for-the-move lows.
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Cattle futures continued their price slide, with pressure coming from a decline in cash cattle prices and technical selling. Lean hog futures also weakened amid a corrective pullback, despite strength in the cash hog market.