After the Bell | August 31, 2023

Corn: December corn futures fell 2 1/2 cents to $4.78 1/4 and nearer the session low. The corn futures market was mildly pressured today by a solid rally in the U.S. dollar index and more selling pressure in the wheat futures markets.

Soybeans: November soybeans fell 18 cents before settling at $13.68 3/4, near the session low. December meal futures fell $6.2 to $404, nearer the session low. December soyoil saw relative strength, though still closed 15 points lower at 62.48 cents. Late-session selling in soybeans continued today for the third straight session.

Wheat: December SRW wheat closed down 5 cents at $6.02 and hit a contract low. December HRW wheat fell 4 1/2 cents to $7.27 1/4 and hit a 21-month low. December spring wheat futures closed 12 cents lower at $7.67 1/2 and hit a contract low. Technical selling was featured in the winter wheat futures markets today as the chart postures remain fully bearish.

Cotton: U.S. dollar strength seemed to undercut cotton futures Thursday, with most-active December futures dipping 6 points to 87.82 cents. This morning’s weekly USDA Export Sales report wasn’t supportive of cotton futures, since the 2023/24 sales figure reached just 62,400 running bales.

Cattle: October live cattle futures rallied 77.5 cents before closing at $180.825, while August futures expired 92.5 cents higher at $179.725 at noon today. October feeder futures rose 80 cents to $256.025. August feeder futures expired 95 cents lower at $249.10 at noon. Live cattle futures showed strength in the latter half of the session, led higher by the August future, which went off the board at noon today.

Hogs: Hog futures gave back a substantial portion of Wednesday’s gains on Thursday. Nearby October tumbled $1.05 to $82.55. It wasn’t terribly surprising to see hog futures fall Thursday, especially after the nearby October contract leapt almost limit-up Wednesday despite sustained cash and wholesale weakness.