After the Bell | October 11, 2023

Corn: December corn rose 2 1/2 cents to $4.88, closing near the session high and above the 10-day moving average. December corn futures spent the session trading a narrow five-cent range, with a general risk-off theme pressuring commodities amid rising geopolitical uncertainties and increased focus on USDA’s October crop data.

Soybeans: November soybeans fell 19 cents to $12.52 1/2, near the session low and hit a four-month low. December soybean meal lost 40 cents at $377.10 and near mid-range. December bean oil closed down 51 points at 52.72 cents. Prices closed near mid-range and closed at a 3.5-month low close. Persisting risk aversion in the general marketplace this week is keeping the soybean market bulls squelched.

Wheat: December SRW futures fell 2 1/2 cents on the session to $5.56, settling near the session’s midpoint. December HRW futures dropped 4 cents before closing at $6.67 1/4. December spring wheat fell 5 1/4 cents to $7.18 1/4. Wheat futures saw followthrough selling overnight and into this morning’s open, though pared losses as the session went on and tensions are seemingly escalating in the Middle East.

Cotton: December cotton closed down 40 points at 85.05 cents and hit a six-week low early on. The cotton market bulls are fading this week amid chart-based selling pressure.

Cattle: Expiring October live cattle futures ended Wednesday at $184.50, up $1.925, while most-active December jumped $1.975 to $186.975. Meanwhile, October feeder futures advanced $2.225 to $250.175 and most-active November feeders surged $1.65 to $252.00. Wednesday’s cattle rally seemed to reflect the persistent tightness of market-ready cattle supplies as well as robust demand.

Hogs: December lean hog futures fell $1.45 to $69.975 Wednesday, while expiring October futures rallied 20 cents to $82.15. Lean hog futures bulls continue to struggle garnering bullish momentum, despite contra-seasonal strength in the CME lean hog index.