After the Bell | October 17, 2023
Corn: December corn futures fell 1 cent to $4.89 and nearer the session low. The corn market is seeing quieter, consolidative trading action so far this week.
Soybeans: November soybeans rose 10 1/2 cents to $12.96 3/4, a high-range close after trading the highest intraday level since Sept. 29. December meal rallied $9.60 to $399.80 and closed above the 100- and 40-day moving averages, while soyoil fell 55 points to 55.35 cents. Soybean futures extended Monday’s gains amid spillover strength which stemmed from strong gains in meal futures.
Wheat: December SRW wheat fell 6 3/4 cents to $5.70 1/2. December HRW wheat lost 2 cents at $6.66 3/4. Prices closed nearer their session lows. December spring wheat fell 1 cent to $7.27 3/4. The winter wheat futures markets continue trapped in a sideways trading range at lower price levels, amid a recent lack of fresh, bullish fundamental news.
Cotton: December cotton fell 192 points to 83.23 cents, marking a near three-month low. Cotton futures encountered follow through selling as traders continue to weigh demand concerns from China.
Cattle: December live cattle futures rose 32.5 cents before settling at $186.875, near the session low. November feeder cattle futures rallied 52.5 cents before closing at $250.45. Cattle futures gapped higher on this morning’s open though the market saw some profit-taking throughout the session as choppy trade continues.
Hogs: Hog futures couldn’t sustain early Tuesday gains, with the nearby December contract ending the day at $67.55, down 75 cents on the day, after posting a contract low at $67.30 late in the session. Anticipation of large seasonal losses came to the fore in hog futures again Tuesday, with the December contract closing about $13.75 under the latest unofficial quote for the hog index (which futures cash-settle against).
