After the Bell | October 10, 2023
Corn: December corn futures fell 2 3/4 cents to $4.85 1/2 and ended the session below the 10-day moving average. The corn futures market saw mild selling pressure today as risk appetite in the general marketplace is still a bit tepid amid the Middle East geopolitical turmoil.
Soybeans: November soybeans rose 7 1/4 cents to $12.71 1/2 after trading at the lowest level since June 15. December meal rose $2.90 to $377.50, closing near the session high. December soyoil fell 70 points to 53.23 cents, a mid-range close after trading at the lowest level since June 22. Following an overnight reach to a near four-month low, November soybean futures found increasing strength amid a second straight day of corrective buying in meal futures.
Wheat: December SRW wheat closed down 14 1/4 cents at $5.58 1/2 and near the session low. December HRW wheat fell 14 3/4 cents to $6.71 1/4, while December spring wheat futures fell 7 1/2 cents to $7.23 1/2. The wheat futures markets today were pressured by the geopolitical turmoil in the Middle East that has the general marketplace unsettled.
Cotton: December cotton plunged 151 points to 85.45 cents, marking the lowest close since Sept. 7. December cotton futures faced heavier selling amid concerns demand from China will wane as the country looks to Brazil and Australia amid U.S. production curbs.
Cattle: December live cattle futures fell 35 cents to end the session at $185.00, while nearby October futures rallied 20 cents to $182.575. November feeder cattle futures rose 70 cents to $250.35, while expiring October futures rose $1.05 to $247.95. Cattle futures surged on the open but struggled to maintain gains as wholesale beef prices slipped.
Hogs: Expiring October hog ended Tuesday having slipped 2.5 cents to $81.95, while most-active December fell $1.05 to $71.425. Although the hog and pork complex is showing surprising signs of stability, hog futures followed through upon Monday’s weakness again today.
