After the Bell | October 2, 2023

After the Bell
After the Bell
(Pro Farmer)

Corn: December corn rose 12 cents to $4.88 3/4, ending the session above the 10, 20- and 40-day moving averages amid the largest daily gain since July 24. Corn futures notched spillover strength from corrective buying efforts in SRW wheat following a reach to a three-year low on Friday.

Soybeans: November soybeans rose 2 cents to $12.77 after marking the lowest intraday level since June 29. December meal fell $6.90 to $374.30, the lowest close since June 12, while December soyoil rallied 160 points to 57.43 cents, ending the session above the 200-day moving average. Soybeans struggled to garner much bullish momentum from the surging corn and wheat markets as the crush market continues to slide.

Wheat: December SRW wheat rose 23 1/4 cents to $5.64 3/4 and near the session high. December HRW wheat gained 13 cents to $6.76 3/4 and nearer the session high. December spring wheat futures rose 9 1/2 cents before settling at $7.18 3/4. The winter wheat futures markets saw short covering featured today after prices Friday hit contract lows.

Cotton: December cotton rose 60 points to 87.75 cents, ending near the session high and above the 20- and 10-day moving averages. Cotton futures were able to garner strength despite extended weakness in crude oil futures and equities, while the U.S. dollar surged higher amid an averted government shutdown.

Cattle: December live cattle rose 42 1/2 cents to $188.35 and nearer the session low. November feeder cattle gained 80 cents to $255.70 and nearer the session low. The cattle futures markets today were pulled modestly higher by a bit better risk appetite in the general marketplace, following the surprise weekend news that the U.S. government will keep running until at least mid-November.

Hogs: December lean hog futures led contracts lower Monday, falling $2.275 to $69.50 and settling on session lows. Nearby October futures fell 35 cents to $79.85. Lean hog futures saw followthrough selling after last Friday’s limit-lower close, though steep discounts to cash prices kept selling interest limited.

 

 

 

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