After the Bell | September 28, 2023
Corn: December corn rallied 5 1/4 cents to $4.88 1/2, ending near the session high and notching the highest close since Aug. 28. Corn futures showed relative strength, which was especially impressive amid the weakness seen in the soy complex.
Soybeans: November soybeans fell 2 3/4 cents to $13.00 1/2 but ended nearer the session high. December meal rose $2.40 to $391.50, above the 10-day moving average. December soyoil fell 133 points to 56.91 cents, the lowest close since June 29. Soybean futures were able to rise from overnight lows amid bolstering gains in meal, though profit taking in soyoil futures and overhead resistance proved limiting factors.
Wheat: December SRW wheat fell 3/4 cent to $5.78 3/4, a mid-range close. December HRW wheat lost 9 1/2 cents to $6.85. Prices closed nearer the session low and hit a two-year low. December spring wheat fell 3 3/4 cents to $7.47. Risk appetite in the general marketplace late this week remains tepid at best, which continues to limit buyer interest in the wheat futures markets.
Cotton: December cotton rose 41 points to 88.71 cents, marking a low-range close after marking the highest intraday level since Sept. 1. December cotton futures notched a fourth straight day of gains to a one-month high amid U.S. dollar weakness, though pressure in crude oil ultimately limited upside efforts.
Cattle: October live cattle futures rose $1.60 to $186.50. December live cattle gained $2.25 at $190.425. October feeders rose $2.475 to $254.725, while November feeder cattle closed up $2.875 at $257.675. November feeders hit a four-week low early on before rebounding strongly. The cattle futures markets saw corrective bounces from early-week selling pressure.
Hogs: Expiring October hog futures rallied $1.825 to $83.95 Thursday, while most-active December jumped $2.75 to $75.525. The latest fundamental news concerning hogs and pork wasn’t particularly supportive, with export sales weak and pork prices sliding.
