After the Bell | September 1, 2023
Corn: December corn futures marked a 3 1/4 cent gain on the day, settling at $4.81 1/2. That marked a 6 1/2 cent loss on the week. Corn futures saw corrective buying but were unable to overcome initial resistance on Friday, trading in a tight range between initial support and the 10-day moving average, as neither bulls nor bears were able to garner momentum to break prices out of that range.
Soybeans: November soybeans closed up 1/2 cent at $13.69 1/4 and nearer the session low. For the week, November beans fell 18 1/2 cents. December soybean meal futures dropped $4.40 to $399.60 and near the session low and on the week down $15.40. December soybean oil futures rose 81 points to 63.29 cents and near mid-range. On the week, December bean oil fell 7 points. The soybean and soybean meal futures markets ended the week with a whimper, including December meal closing at a technically bearish weekly low close today.
Wheat: December SRW futures fell 6 1/2 cents before settling at $5.95 1/2, near the session low and marking a 26 1/4-cent loss on the week. December HRW futures closed 4 1/2 cents lower at $7.22 3/4, marking a 41 3/4 cent loss on the week. December spring wheat futures fell 7 cents to $7.59 3/4, marking a 42 1/4 cent loss on the week. Wheat futures saw corrective overnight buying that continued after this morning’s session, though rally sellers stepped in at the first meaningful resistance and sent prices lower to close below the $6 level for the first time in the contract’s history.
Cotton: December cotton futures rose 213 points to 89.95 cents, near the daily high and hitting a 12-month high. For the week, December cotton gained 264 points. Today’s technically bullish weekly, monthly, quarterly and yearly high close in December cotton futures sets the table for follow-through chart-based buying next week.
Cattle: Cash cattle weakness undercut the cattle complex Friday, with nearby October futures sliding 67.5 cents to $180.15. The closing quote represented a weekly decline of $1.025. Corn market strength likely added to the downward pressure on feeder futures, where the October contract fell $1.375 to end the week at $254.65. That marked a weekly gain of 67.5 cents. Weak prices in the western Corn Belt apparently translated into a $2.64 drop in the Monday-Thursday average, at $182.69, for the five-market area.
Hogs: Nearby October lean hog futures ended the week at $83.05, up 50 cents on the day and $3.225 higher on the week. : Although this week’s hog slaughter topped the reduced year-ago figure just before Labor Day by 0.8%, it seemingly indicated last week’s combination of aggressive packer operations and extreme heat reduced the numbers available to packers.
