Soybeans and soybean meal saw a drop in prices, with profit taking and weak weekly exports contributing to the decline. However, the collapse of Brazil's basis levels on soybeans may have been the biggest factor. Brazil's soybeans are running at a much lower price compared to the US, which has raised doubts about the tightness of the Brazilian crop. Additionally, a change in the weather forecast in South America, specifically Argentina, may have impacted soybean futures.

March corn also experienced a decline, possibly due to the tug of war between lower soybeans and higher wheat. Corn exports were lower than the previous week.

On the other hand, wheat futures managed to close higher despite a stronger dollar. Spread unwinding between the three classes of wheat and the possibility of China looking for US wheat were factors contributing to the rise.

Meanwhile, live cattle and feeders surged to new highs for the move. Strong exports and higher cash prices, along with funds buying into the market, were some of the key factors driving the rally.

Overall, it appears that soybeans and soybean products are negatively affecting the corn market, while cattle and hogs are surging to new highs.