After the Bell | March 26, 2024
Corn: May corn futures closed down 5 1/4 cents at $4.32 1/2 and near the session low. There was a “risk-off” mentality in the raw commodity sector today, likely due in part to the major bridge collapse in Baltimore, MD that shut down a major U.S. shipping port and reminded the marketplace of supply chain bottlenecks experienced during the pandemic.
Soybeans: May soybeans fell 10 1/4 cents to $11.99, while May soymeal fell $1.90 to $339.80. May soyoil fell 60 points to 48.42 cents, ending the session below the 10- and 100-day moving averages. Each soy derivative ended near their respective session low. Soybean futures gave up a portion of Monday’s gains amid a general risk-off tone across commodities, though selling was limited by technical support.
Wheat: May SRW wheat fell 11 1/2 cents to $5.43 1/2. May HRW wheat dropped 12 1/4 cents at $5.77 1/4. May spring wheat fell 12 1/4 cents to $6.47 1/4. Prices closed near their session lows. The wheat market bulls were timid today amid a general risk-off day in the general marketplace, including likely some brief uncertainty about the major bridge collapse in Baltimore, MD, that has closed a major U.S. shipping channel.
Cotton: May cotton rose 139 points to 93.41 cents, a more than one-week high close. Cotton futures expanded Monday’s corrective gains as strength in equities propped up prices following a sell-off from a recent high.
Cattle: June live cattle futures dropped $3.225 to $178.375, while nearby April futures tumbled $3.10 to $183.10. May feeder cattle futures fell $5.375 to $247.25, while nearby March futures sank $1.725 to $247.725. Live cattle futures underwent heavy selling throughout Tuesday’s session, as nearby April futures traded to the lowest mark in a month and a half.
Hogs: Hog futures continued their recent advance, with nearby April rising 42.5 cents to $85.575, while most-active June slid 32.5 cents to $101.35. The hog and pork complex continues exhibiting seasonal strength.
