After the Bell | November 1, 2023
Corn: December corn fell 3 3/4 cents to $4.75, the lowest close since Sept. 18. December corn struggled throughout today’s session, with morning trade encompassing a run toward the Sept. 19 low.
Soybeans: January soybeans rose 4 1/2 cents to $13.15 and near mid-range. December soybean meal fell 60 cents to $430.40 and nearer the session high. December bean oil lost 152 points at 49.90 cents, near the session low and hit a five-month low. Soybean futures today saw modest buying support as the soybean meal futures market remains strong and is trending up.
Wheat: December SRW futures rose 5 1/2 cents to $5.61 3/4, settling nearer the session high. December HRW futures rallied 10 3/4 cents before closing at $6.40, near session highs. December spring wheat futures fell 1/4 cents to $7.09. Wheat futures showed corrective gains following three straight days of selling, despite sustained selling in corn and a downturn in the crude oil market.
Cotton: December cotton fell 178 points to 79.44 cents and near the session low. Prices hit a 3.5-month low. Technical selling was featured in the cotton futures market today as the near-term chart posture for the natural fiber has significantly deteriorated this week.
Cattle: December live cattle futures edged up 7.5 cents to $183.625. Meanwhile, expiring November feeder futures climbed 87.5 cents to $238.575, while most-active January gained 82.5 cents to $238.025. Although cash trading of fed cattle was minimal Monday and Tuesday, bears have been unable to gain any traction in trying to push nearby futures lower.
Hogs: December lean hog futures fell $1.575 to $70.15, settling near the session low. Lean hog futures saw heavy selling in the final hour of today’s session, negating a midsession rally by bulls and testing bulls’ recent technical advantage.
