After the Bell | November 3, 2023
Corn: December corn futures surged 7 1/4 cents to $4.77 1/4 but marked a 3 1/2 cent loss on the week. After trading down to a seven-week low overnight, outside markets lifted corn futures back above initial resistance, through December futures were unable to close near session highs, as sellers rewarded the rally.
Soybeans: January soybeans rallied 23 1/2 cents to 13.51 3/4, marking the highest close since Sept. 15 and a 32 1/4-cent gain on the week. December meal surged $15.80 to $442.10 but lost 30 cents from a week ago. December soyoil fell 96 points to 49.36 cents, a near five-month-low close and lost 291 points on the week. Soybeans ended the week on a high note, with the nearby January contract observing an earnest effort toward levels not traded since mid-September.
Wheat: December SRW wheat futures rose 7 cents to $5.72 1/2 and nearer the session high. On the week, December SRW lost 3 cents. December HRW wheat futures gained 2 cents to $6.43 1/2 and near mid-range. For the week, December HRW rose 1/2 cent. December spring wheat futures rose 10 1/4 cents to $7.21 and gained 1 1/4 cents on the week. More sideways-to-weaker trading action for the winter wheat futures markets this week as prices languish at lower levels.
Cotton: December cotton fell 18 points to 79.62 cents and plummeted 476 points on the week. December cotton suffered throughout the week despite strong export sales data, a plunging U.S. dollar and strengthening equities following the Fed’s decision to leave interest rates unchanged.
Cattle: December live cattle futures fell 80 cents to $183.875 and nearer the session low. For the week, December live cattle rose $1.65. January feeder cattle futures fell $2.425 to $239.75 and nearer the session low. For the week, January feeders rose $4.05. It was a disappointing finish to what was still a good trading week for the cattle futures market bulls.
Hogs: Hog futures gave back a portion of Thursday’s big gains today. Nearby December fell $1.525 to $71.755. That represented a weekly gain of $1.275. While Friday’s futures decline likely reflected industry expectations for persistent seasonal weakness, this week’s futures action strongly suggests traders and industry insiders are now more optimistic about winter-spring price prospects.
