After the Bell | February 17, 2023
Corn: March corn futures rose 1 3/4 cents to $6.77 3/4 and for the week lost 2 3/4 cents. Corn futures bears had the slightly better week amid more sideways and choppy price action.
Soybeans: March soybeans rose 3/4 cent to $15.27 1/4 but is down 15 1/4 cents on the week. March meal fell 30 cents to $491.10 and March soyoil dropped 39 points to 61.51 cents. Soybeans will largely take direction from weather in South America over the next week as varying weather anomalies continue to affect several key growing areas.
Wheat: March SRW closed 1/2 cent higher at $7.65 1/2 but is down 20 1/2 cents on the week. March HRW rose 8 cents to $9.06 1/2, while March spring wheat futures fell 1/2 cent to $9.29 3/4. Wheat futures were largely flat on the week after last week’s rally.
Cotton: March cotton fell 100 points to 80.25 cents and is down 502 points on the week. Cotton futures will take near-term direction from outside markets, driven by economic data.
Cattle: April live cattle futures rose 57 1/2 cents to $164.65, closing near mid-range after setting a new contract high today. For the week, April cattle rose 70 cents. March feeder cattle futures gained 30 cents to $186.525 and nearer the session high. For the week, March feeders gained 12 1/2 cents. The push to a new contract high in April live cattle futures today, including a technically bullish weekly high close, sets the table for follow-through technical buying when trading resumes next Tuesday.
Hogs: Hog futures couldn’t sustain early gains, with nearby April ending the day having fallen 50 cents to $85.275. The closing price marked a weekly rise of $1.95. Hog futures climbed Friday morning in apparent response to the sustained advance posted by pork cutout values Thursday afternoon.
