After the Bell | August 30, 2023
Corn: December corn futures fell 6 cents before settling at $4.80 3/4, near the session low. Corn futures saw corrective gains overnight but quickly succumbed to selling pressure during daytime trade, with selling once again gaining momentum into the close.
Soybeans: November soybeans fell 5 3/4 cents to $13.86 3/4 and nearer the session low. December soybean meal dipped $1.70 to $410.20 and near mid-range. December bean oil lost 70 points to 62.63 cents and near the session low. The soybean and soybean meal futures markets today saw routine corrective and profit-taking price pullbacks from recent gains but the bulls remain confident, overall.
Wheat: December SRW futures rallied 6 1/2 cents before settling at $6.07 and nearer the session high. December HRS futures closed 2 1/2 cents higher at $7.31 3/4. December spring wheat futures saw relative weakness and closed 6 1/4 cents lower at $7.79 1/2. Wheat futures traded in a fairly volatile session with dip buyers ultimately protecting Tuesday’s contract low.
Cotton: December cotton closed up 99 points at 87.88 cents today and nearer the session high. Hurricane Idalia is presently thrashing the southeastern U.S., especially Florida.
Cattle: Pessimism about the short-term outlook depressed the cattle complex. Expiring August futures, which go off the board at noon tomorrow, tumbled $2.20 to $178.80 Wednesday, while most-active October fell $1.425 to $180.05. August feeders, which also expire at noon tomorrow, slid 65 cents to $250.05. October feeder futures dropped $1.525 to $255.225. Cash market and wholesale beef news seemed moderately supportive of cattle futures early today, but that apparently did little to mitigate the late-session breakdown.
Hogs: Despite sustained cash and wholesale pork weakness, hog futures turned sharply higher Wednesday. Nearby October soared $2.875 to $83.60. The ongoing seasonal breakdown in cash hog prices continues this week.
