After the Bell | October 31, 2023
Corn: December corn futures rose 1/2 cent to $4.78 3/4 and nearer the session low. The corn futures market continues to languish at lower price levels. Buying interest in corn today was limited by solid losses in wheat futures markets, good gains in the U.S. dollar index and lower crude oil prices.
Soybeans: November soybeans rose 4 1/2 cents to $12.87 after trading at the lowest level since Oct. 13 earlier in the session. December meal rose $4.50 to $431.00, while December soyoil dropped 97 points to 51.42 cents. Soybean futures were able to take back a portion of Monday’s losses amid returned strength in meal futures.
Wheat: December SRW wheat fell 9 3/4 cents to $5.56 1/4 and near the session low. Prices hit a two-week low today. December HRW wheat dropped 15 3/4 cents at $6.19 1/4. Prices closed near the session low and hit a more-than-two-year low. December spring wheat fell 8 1/2 cents to $7.09 1/4. The winter wheat futures markets today were hit by technical selling, a solid rally in the U.S. dollar index and lower crude oil prices.
Cotton: December cotton fell 169 points to 81.22 cents, marking the lowest close since July 14. December cotton futures extended Monday’s losses amid strong gains in the U.S. dollar as traders await the Fed’s interest rate decision following the central bank meeting, which began this morning.
Cattle: December live cattle futures closed 30 cents higher at $183.55, though expiring October futures went off the board 37.5 cents lower at $183.75. November feeder cattle futures rose just 2.5 cents before settling at $237.70, near mid-range. Live cattle futures reversed morning losses to close higher, though today’s price action indicates trader uncertainty.
Hogs: Hog futures continued their recent advance, with the nearby December contract climbing 55 cents to $71.725. Cash hog prices in the form of the CME hog index are still declining seasonally.
