After the Bell | September 29, 2023

Corn: December corn fell 11 3/4 cents to $4.76 3/4, marking a 1/2 cent loss on the week. Corn futures fell following the Grain Stocks report despite ending stocks coming in tighter than anticipated.

Soybeans: November soybeans fell 25 1/2 cents to $12.75, marking the lowest close since June 28 and a weekly loss of 21 1/4 cents. December meal gave up $10.30, closing at $381.20, a $4.60 loss on the week. December soyoil fell 108 points to 55.83 cents and lost 379 points week-over-week. Soybean futures fell under extended selling pressure following USDA’s Quarterly Stocks Report, trading to the lowest level since June 30.

Wheat: December SRW wheat futures dropped 37 1/4 cents to $5.41 1/2, near the daily low and set a contract low. For the week, December SRW fell 38 cents. December HRW wheat lost 21 1/4 cents to $6.63 3/4, near the session low and hit a contract low. On the week, December HRW lost 47 1/2 cents. December spring wheat futures fell 38 3/4 cents to $7.08 1/4 and lost 62 1/4 cents on the week. Today’s drubbing in the winter wheat futures markets that produced technically bearish weekly, monthly and quarterly low closes sets the stage for follow-through technical selling pressure next week.

Cotton: December cotton fell 152 points to 87.19 cents but gained 128 points on the week. December cotton faced profit taking to end the week following four straight days of gains as traders position ahead of a potential government shutdown on Oct. 1.

Cattle: December live cattle futures lost $2.50 at $187.925 and near the daily low. For the week, December live cattle fell $3.425. November feeder cattle futures dropped $2.775 at $254.90 and near the session low. On the week, November feeders lost $8.625. Today’s big declines in December live cattle and November feeders, including a technically bearish weekly low close in December live cattle, set the stage for follow-through chart-based selling pressure early next week.

Hogs: Thursday’s bearishly-construed hog report sent hog futures tumbling. Nearby October dove $3.75 to $80.20 Friday, while most-active December matched that drop to $71.775. That closing price marked a weekly drop of 40 cents. Thursday’s quarterly USDA Hogs & Pigs report indicated fourth-quarter hog slaughter will slightly exceed industry expectations for unchanged to slightly higher totals.