After the Bell | August 14, 2023
Corn: December corn rose 1/2 cent to $4.87 3/4, ending near the session high after touching a four-week low early on. December corn faced followthrough weakness as a strengthening U.S. dollar cast a shadow over the grain complex, though as the session progressed, the dollar index retreated from earlier highs, easing pressure across commodities.
Soybeans: November soybeans rose 18 1/2 cents to $13.26, ending near the intraday high. September meal futures rose $5.00 and settled at $415.30, also near the intraday high. September soyoil rose 92 points to 65.05 cents, closing on the day’s highs. The recent uptick in export demand has supported soybean prices, though futures prices remain stuck in a sideways range dating back to the start of August.
Wheat: December SRW wheat fell 12 1/4 cents at $6.41 1/2, nearer the session low and hit a 2.5-month low. December HRW wheat closed down 6 3/4 cents at $7.59 1/4, near mid-range and hit a 3.5-month low. Spring wheat futures closed 10 1/4 cents lower at $8.20. Wheat futures bears were in control today as technical selling was featured amid a higher U.S. dollar index that hit a two-month high today.
Cotton: December cotton fell 142 points to 86.47 cents, marking a mid-range close. December cotton futures gave up a portion of Friday’s gains amid lackluster economic news from top importer, China.
Cattle: October live cattle fell 65 cents to $180.675. October feeder cattle lost $1.025 at $251.85. Prices closed nearer the session lows today. The cattle futures markets saw some more profit-taking pressure featured to start the trading week.
Hogs: October lean hogs fell $2.175 before settling at $79.15, while the August contract expired at $102.25 at noon today, up 15 cents and a slight discount to the cash index. Lean hog futures resumed last week’s selling pressure as bears are vindicated by the falling cash index.
