After the Bell | November 14, 2023
Corn: March corn futures rose 1 1/2 cents to $4.94 1/4 and nearer the session high. Corn futures saw slight gains today as speculative grain market bulls were encouraged by a tamer U.S. consumer price index report that dropped the U.S. dollar index sharply and to a nine-week low and pushed U.S. Treasury yields lower.
Soybeans: January soybeans rose 7 1/4 cents to $13.89 3/4, the highest close since Aug. 30. December meal rose $4.50 to $473.60, a new high-close. December soyoil rose 121 points to 52.75 cents, marking a mid-range close. Soybean futures were able to recover from overnight and early session weakness, in step with meal futures, as a plummeting U.S. dollar eased pressure across commodities.
Wheat: March SRW wheat closed down 4 1/2 cents to $5.97 3/4 today. March HRW wheat closed down 2 1/2 cents to $6.49 1/2. Prices closed nearer their daily lows. March spring wheat rose 3 1/4 cents to $7.47 1/4. Winter wheat futures saw technical selling featured today, amid still-bearish near-term technical postures.
Cotton: December cotton rose 120 points to 78.68 cents, the highest close since Nov. 3. December cotton futures were able to expand recent gains amid a stumbling U.S. dollar and surging equities in the wake of a lower-than-expected Consumer Price Index reading in October.
Cattle: December live cattle futures rallied 92.5 cents to $175.85, while deferred contracts saw additional gains. January feeder cattle futures rallied 70 cents to $229.00, despite expiring November futures falling 67.5 cents to $230.05. Live cattle futures continued recent corrective buying, boosted by an overwhelming “risk on” day in the broader marketplace.
Hogs: The nearby contracts led hog futures lower, with December futures losing $1.05 to $72.30 at the close. Traders seem uncertain as to how well the hog market will perform over the next month, with today’s drop by the December contract suggesting a modest drop before its Dec. 14 expiration.
