After the Bell | October 13, 2023
Corn: December corn futures fell 2 3/4 cents on the session to $4.93 1/4 but gained 1 1/4 cent gain on the week. December corn futures failed to followthrough on Thursday’s reports driven strength, though losses remained fairly tight.
Soybeans: November soybeans fell 9 3/4 cents to $12.80 1/4 but rose 14 1/4 cents on the week. December meal closed $2.90 lower at $390.00 but gained $17.90 on the week. December soyoil rose 101 points to 54.38 cents but gave up 97 points week-over-week. While nearby soybean futures traded within Thursday’s range, overnight strength eased as the session progressed amid profit-taking in meal futures following a reach to a near one-month high earlier today.
Wheat: December SRW wheat rose 8 1/4 cents to $5.79 3/4 and near mid-range. For the week December SRW rose 11 1/2 cents. December HRW wheat futures fell 6 cents to $6.69 and near the session low. For the week, December HRW fell 4 3/4 cents. December spring wheat futures fell 1 1/2 cents to $7.22 but gained a penny and a half on the week. This week the winter wheat futures markets continued their choppy and sideways trading at lower price levels; look for more of the same next week.
Cotton: December cotton rose 114 points to 86.06 cents but lost 108 points on the week. December cotton rebounded following a four-day sell off, with USDA’s World Supply and Demand estimates proving a bullish catalyst amid lower-than-expected U.S. and global ending stocks.
Cattle: December live cattle futures fell $1.05 to $186.75 and near the session low. For the week, December live cattle rose 7 1/2 cents. November feeder cattle futures lost $2.00 to $251.575, near the session low and for the week up 70 cents. The cattle futures markets on Friday saw some profit taking by the shorter-term traders, following good gains posted Wednesday and Thursday.
Hogs: Hog futures slipped to end the week, with the October contact going off the board at $81.925, down 17.5 cents, at noon. Nearby December fell 60 cents to $69.50. The closing price marked a weekly drop of $4.275. Next week traders will likely be anticipating a continuation of the late cash and wholesale weakness seen this week.
