After the Bell | September 7, 2023

Corn: December corn rose 1/2 cent to $4.86 1/2, ending the session above the 10-day moving average for the first time since Aug. 28. Corn futures spent the session trading either side of unchanged and repelled general weakness across commodities remarkably well.

Soybeans: November soybeans fell 16 3/4 cents to $13.59 1/2 and nearer the session low. December soybean meal dropped $3.90 to $395.30 and nearer the session low. December bean oil closed down 160 points at 60.78 cents, near the session low and hit a two-week low. The soy complex saw some technical selling pressure today as the near-term chart postures for beans, meal and bean oil have deteriorated a bit recently.

Wheat: December SRW futures fell 9 1/4 cents to $5.99 3/4 and settled near the session low. December HRW futures fell 12 1/2 before settling at $7.76. December spring wheat futures fell 7 3/4 cents to $7.74 3/4. Wheat futures struggled to continue Wednesday’s strength as outside markets were unsupportive, lacking the catalyst needed to break through technical resistance.

Cotton: December cotton fell 162 points to 85.38 cents, ending nearer the session low. Prices hit a two-week low today. The cotton futures market was pressured today by China getting more downbeat economic news as the world’s second-largest economy’s exports dropped 8.8% in August, year-on-year and contracting for a fourth consecutive month.

Cattle: October live cattle led fed cattle futures higher, rising 95 cents to $183.65, but posted a midrange close. October feeder futures jumped $2.40 to $258.875, with September feeders posting a fresh all-time high for a nearby contract at $255.95. Cattle and beef fundamentals seem weak at this point.

Hogs: October lean hogs rallied 95 cents on the session to $82.825, though it posted a midrange settlement. Hog futures traded inside Wednesday’s range though buying from strengthening fundamentals emerged during the session.