After the Bell | October 24, 2023
Corn: December corn futures closed down 6 1/4 cents at $4.84 and nearer the session low. The corn futures market today was pressured by bearish outside market elements that included sharp gains in the U.S. dollar index and losses in the crude oil market.
Soybeans: November soybeans rose 8 1/2 cents to $12.95 1/4, marking a high-range close above the 10-day moving average. December meal rose $13.70 to $434.20, the highest close since March 10. December soyoil fell 62 points to 51.32 cents, after trading at the lowest intraday level since June 9 earlier in the session. Soybean futures fended off overnight weakness, in step with meal futures despite a strong U.S. dollar rally.
Wheat: December SRW wheat fell 6 3/4 cents to $5.80 1/2 and near mid-range. December HRW wheat lost 7 3/4 cents at $6.63 and near mid-range. December spring wheat fell 9 1/2 cents to $7.28 1/4. “Rain in the Plains makes grain,” was the theme in the wheat futures markets today.
Cotton: December cotton fell 80 points to 82.93 cents, a near mid-range close. Cotton futures spent the day mostly lower as overhead resistance combined with a U.S. dollar rally limited upward momentum.
Cattle: Live cattle futures traded mixed Tuesday, with nearby contracts rising modestly while their deferred counterparts declined. The expiring October contract gained $1.75 cents to $180.00, while most-active December edged up 27.5 cents to $178.625. Expiring October feeder futures rebounded $1.80 to $239.425, while November fell 37.5 cents to $235.425. Bears proved unable to force a significantly bearish followthrough to Monday’s big breakdown in live and feeder cattle futures today.
Hogs: Nearby December hog futures ended Tuesday having edged up 20 cents to $66.375, while the deferred contracts suffered moderate losses. Hog traders were likely somewhat unsure of their footing today since the USDA report from which the CME hog index is calculated was delayed by packer submission problems.
