After the Bell | September 8, 2023
Corn: December corn futures fell 2 1/2 cents on the session to $4.83 3/4 but notched a 2 1/4 cent rise on the week. Price action on Friday was a testament to the uncertainty that lies in production, the market is waiting for more data before picking a direction.
Soybeans: November soybeans rose 3 1/2 cents to $13.63 but gave up 6 1/4 cents on the week. Meanwhile, December meal futures closed $6.10 higher at $401.40, gaining $1.80 week-over-week. December soyoil fell 28 points to 60.50 cents and lost 279 points on the week. Soybeans took mild strength from meal gains, remaining subdued before USDA’s release of fresh supply and demand data next week.
Wheat: December SRW wheat fell 4 cents to $5.95 3/4 and hit a fresh contract low. For the week, December SRW inched up 1/4 cent. December HRW wheat lost 5 cents to $7.32 and on the week gained 9 1/4 cents. December spring wheat fell 4 cents to $7.70 3/4 but gained 11 cents on the week. It was another week of languishing for the winter wheat futures markets. The firmly bearish near-term technical postures are keeping the bulls very timid.
Cotton: December cotton rose 53 points to 85.91 cents but gave up 384 points on the week. December cotton futures were able to make a mild rebound from corrective selling pressure through most of the week.
Cattle: October live cattle futures fell 42 1/2 cents to $183.225 and near mid-range. On the week, October live cattle gained $2.075. October feeder cattle futures hit a new contract high today and closed up 27 1/2 cents at $259.15. For the week, October feeders rose $4.50. This holiday-shortened week was a good one for the cattle futures bulls, both technically and fundamentally, which suggests more upside price action next week.
Hogs: Thursday’s sizeable drop in pork cutout values undercut hog futures on Friday. The nearby October contract led the way lower, losing $1.30 to $81.525 to end the week. The closing price represented a weekly drop of $1.525. Despite seemingly improved circumstances and the hog/pork complex’s sometime history of rallying from early September into mid-October, hog futures sagged this week.
