After the Bell | August 11, 2023
Corn: December futures saw volatile action following today’s reports, but ultimately fell 9 cents before settling at $4.87 1/4, marking a 10-cent loss on the week. Corn futures were unsure of how to react directly following the reports today, immediately spiking higher and trending higher before breaking down this afternoon.
Soybeans: November soybeans fell 10 3/4 cents to $13.07 1/2, a 25 3/4-cent loss on the week, while soymeal fell $4.70 to $410.30, and $12.30 week-over-week. Meanwhile, September soyoil fell 5 points to 64.13 cents, marking a weekly loss of 126 points. After facing pressure in morning trade, USDA’s August reports helped breathe a bit of life into soybeans, sending the November contract to the highest level in over a week, though the push was ultimately thwarted.
Wheat: December SRW wheat futures fell 10 cents to $6.53 3/4 and hit a four-week low. For the week, December SRW lost 6 1/2 cents. December HRW wheat lost 13 1/4 cents to $7.66 and hit a nine-week low. On the week, December HRW fell 3 1/4 cents. December spring wheat fell 3 cents to $8.30 1/4, a 7 1/2 cent loss on the week. Friday’s technically bearish weekly low closes set the stage for follow-through speculator chart-based selling pressure in the winter wheat futures markets early next week.
Cotton: December cotton rose 174 points to 87.89 cents, after trading the highest level in nearly a year earlier in the session. December futures gained 360 points on the week. December cotton futures rocketed to the highest level in nearly a year following USDA’s August reports.
Cattle: Bears apparently remain skeptical about the short-term cattle outlook, with the expiring August live cattle futures falling 72.5 cents to $180.375 today despite sustained cash strength. Most-active October cattle dropped $1.20 to $181.325 on the day, with the closing price marking a weekly decline of $1.575. October feeder futures slid 45 cents to end the week at $252.875, which represented a weekly drop of $2.55. This week’s light cash trading yielded a Monday-Thursday average for fed steers in the five-market area at $188.41, which if sustained through today’s trading (as it probably will), would mark the second-highest weekly figure on record (following only the average for the first week of June at $188.75).
Hogs: October lean hog futures rose $1.00 to $81.325 and nearer the session high after hitting a five-week low early on. For the week, October hogs lost $1.75. Despite today’s gains, the lean hog futures bears had the better week as the near-term technical posture significantly deteriorated.
