After the Bell | October 19, 2023
Corn: December corn futures jumped 13 cents to $5.05, marking the highest close since Aug. 1. Corn futures showed sustained strength throughout the session, especially in nearby contracts as December futures surged above $5.00.
Soybeans: November soybeans rose 4 1/2 cents to $13.15 1/2, the highest close since Sept. 20. December meal rose $9.20 to a near four-month high close $423.00, bringing total gains this week to $33.40. December soyoil fell 175 points to 53.11 cents, notching a low-range close. Soybean futures spent much of the morning session favoring the downside in sympathy with losses in soyoil, though solid follow through strength in meal dampened the downside.
Wheat: December SRW wheat rose 13 3/4 cents to $5.94 and hit a three-week high. December HRW wheat gained 5 3/4 cents to $6.76 1/4. December spring wheat rose 5 1/2 cents to $7.39. Prices closed near their session highs. The wheat futures markets today saw short covering and were also supported by a late spurt in corn futures prices to a two-month high above $5.00 in December futures.
Cotton: December cotton rose 3 points to 84.27 cents, marking a high-range close above the 100-day moving average. Cotton futures rallied from earlier lows amid weak export sales data.
Cattle: December live cattle fell $1.90 to $185.30 and near the session low. November feeder cattle dropped $5.225 to $244.50. Prices closed near the session low and hit a nearly four-month low. The cattle futures markets saw sharp price losses today as general risk appetite in the marketplace is still not keen, amid the unfolding Middle East crisis.
Hogs: Nearby December lean hog futures ended Thursday having slipped 2.5 cents to $68.00. Deferred contracts closed steady-to-mixed. The hog and pork complex remained under seasonal pressure as the supply of market-ready hogs and pork increases seasonally, whereas consumer demand for most pork cuts is likely approaching annual lows.
