After the Bell | August 4, 2023
Corn: December corn futures pared overnight gains but still managed to close 3 3/4 cents higher at $4.97 1/4 but marked a 33-cent loss on the week. Corn futures gapped higher overnight, but sellers came in force and trended prices lower during the day session as “sell the bounce” trading takes hold.
Soybeans: November soybeans rose 8 cents to $13.33 1/4, gaining a paltry 1 1/2 cents on the week. September soymeal fell $4.50 to $422.60, losing $1.20 week-over-week, while September soyoil gained 135 points to 65.39 cents, and rose 220 points on the week. Soybeans were able to secure follow-through gains to end the week, along with an advanced technical posture, with a close held above the 40- and 200-day moving averages.
Wheat: December SRW wheat futures rose 5 1/4 cents to $6.60 1/4, nearer the session low and for the week down 51 1/2 cents. December HRW wheat dropped 12 3/4 cents to $7.69 1/4 and hit a more-than-two-month low. For the week, December HRW lost $1.00. December spring wheat fell 9 3/4 cents to $8.37 3/4 gave up 31 3/4 cents on the week. The low-range weekly closes in the winter wheat futures markets suggest some follow-through technical selling pressure early next week.
Cotton: December cotton fell 41 points to 84.29 cents and lost 43 points on the week. December cotton futures consolidated sideways between the 10- and 20-day moving averages to end the week, as supportive outside markets and equity strength failed to provide the natural fiber a proper boost.
Cattle: Expiring August live cattle futures ended the week having jumped $2.40 to $180.90 Friday afternoon. Most-active October climbed $1.60 to $182.90. The latter marked a weekly rise of $3.30. Expiring August feeder futures surged $1.575 to $249.525, while the October contract leapt $2.00 to $255.425, with the latter quote representing a weekly advance of $4.425. Beef packers apparently ended the week having to pay up for fed cattle, with fed steer prices reportedly climbing to $187.79 Thursday and pulling the Monday-Thursday average up to $187.55.
Hogs: October lean hog futures rose $1.025 to $83.075 and nearer the session high. For the week, October hogs fell $2.225. The lean hog futures market made a decent recovery from Thursday’s spike to a nearly three-week low.
