After the Bell | October 6, 2023
Corn: December corn futures dropped 5 1/2 cents to $4.92 but gained 15 1/4 cents on the week. Corn futures struggled to reverse overnight weakness despite increasing support from outside markets as the U.S. dollar faded notably from early morning strength.
Soybeans: November soybeans fell 14 3/4 cents to $12.66 and gave up 9 cents on the week. December meal closed $5.10 lower for the day at $372.10 and lost $9.10 week-over-week. December soyoil rose 7 cents to 55.35 cents but lost 48 cents on the week. November soybean futures’ overnight attempt to extend Thursday’s gains lost steam at this morning’s open, with profit-taking in meal ultimately casting a shadow over prices.
Wheat: December SRW wheat futures fell 10 cents to $5.68 1/4, near the session low but gained 26 3/4 cents for the week. December HRW wheat futures lost 16 3/4 cents to $6.73 3/4, near the daily low, but for the week rose 10 cents. December spring wheat futures fell 11 cents to $7.20 1/2 but gained 11 1/4 cents on the week. It was a choppy trading week for the winter wheat futures markets.
Cotton: December cotton rose 60 points to 87.14 cents and lost 1 point on the week. December cotton futures ended the week on a positive note after edging lower the past three sessions.
Cattle: December live cattle futures rose $1.30 to $186.675 and nearer the session high. For the week, December live cattle lost $1.25. November feeder cattle futures rose 57 1/2 cents to $250.875 and near the daily high after hitting a 2.5-month low early on today. For the week, November feeders fell $4.025. The cattle futures markets saw modest corrective rebounds Friday amid an upbeat U.S. jobs report and a rebound in the U.S. stock market that gave the general marketplace better risk appetite.
Hogs: Expiring October hog futures rallied $1.425 to $82.325 Friday, while most-active December climbed $1.30 to $73.575. The latter represented a weekly gain of $1.80. Traders apparently expect the cash hog market to stabilize and/or possibly rally next week and longer; that is implied by the nearby futures gains posted Thursday and Friday, since the moves greatly reduced the discounts built into the October and December contracts.
