After the Bell | March 7, 2024
Corn: May corn rose 9 1/4 cents to $4.38, marking the highest close since Feb. 13 and the largest daily gain since Nov. 13. Corn futures extended Wednesday’s gains, notably above the 20-day moving average for the first time since early December amid short-covering across the grain and soy complexes ahead of Friday’s WASDE.
Soybeans: May soybeans surged 18 cents to $11.66 1/4 and settled near session highs. May meal rallied $4.00 to $334.40, closing near session highs. May bean oil jumped 103 points to 46.35 cents, also settling near session highs. Soybean prices surged, fueled higher by the concurrent gain in the corn market, though technical resistance stifled gains.
Wheat: May SRW wheat fell 2 1/2 cents to $5.28 1/2 and near the session low. Prices hit another contract low today. May HRW wheat closed up 18 1/2 cents at $5.74 3/4 and nearer the session high. May spring wheat futures settled 9 1/2 cents higher to $6.54 3/4. The HRW wheat futures market today saw short covering.
Cotton: May cotton futures surged the daily limit, settling 400 points higher to 99.28 cents. Cotton futures showed remarkable strength as agricultural commodities as a whole saw intensive buying.
Cattle: April live cattle rose $1.475 to $188.725 and near the session high. May feeder cattle gained 67 1/2 cents to $258.45 and near the session high. Some chart-based speculator buying was featured in the cattle futures markets today.
Hogs: Nearby April hog futures slipped 47.5 cents to $84.525 Thursday, while the deferred contracts posted modest gains. Hog traders apparently expect the hog and pork complex to turn sideways to lower over the next few weeks, as signified by the dwindling April futures premium over the CME lean hog index.
