After the Bell | October 12, 2023
Corn: December corn futures jumped 8 cents before ending the session at $4.96, nearer the session high. Corn futures surged following the updated USDA reports today as corn production numbers fell more than expected.
Soybeans: November soybeans rose 37 1/2 cents to $12.90, the highest close since Sept. 28, after reaching a near four-month low overnight. December meal futures rose $15.80 to $392.90, the largest daily gain since June 30. December soyoil rose 65 points after notching a four-month low early on. Soybean bulls were summoned in the wake of USDA’s October data amid figures which fell short of pre-report estimates across the board.
Wheat: December SRW wheat rose 15 1/2 cents to $5.71 1/2. December HRW wheat gained 7 3/4 cents at $6.75. Both markets closed nearer their session highs, with HRW hitting a more-than-two-year low early on. December spring wheat rose 5 1/4 cents to $7.23 1/2. Short covering was featured in the winter wheat futures markets today.
Cotton: December cotton fell 13 points to 84.92 cents and traded the lowest level since Aug. 22 early on. December cotton futures edged lower for the fourth straight session despite USDA’s cuts to new-crop production and carryover.
Cattle: December live cattle rose 82 1/2 cents to $187.80. November feeder cattle gained $1.575 to $253.575. Both markets closed nearer their session highs. The cattle futures markets saw good follow-through buying interest today after posting impressive rebounds in late trading Wednesday.
Hogs: Expiring October hog futures slipped 5 cents to $82.10 Thursday, while most-active December edged up 12.5 cents to $70.10. The cash hog and wholesale pork markets exhibited considerable stability again Thursday.
