After the Bell | November 20, 2023
Corn: December corn rose 2 1/2 cents to $4.69 1/2, nearer the session high, while March corn rose 2 1/4 to $4.87 1/2. Corn futures spent the overnight and morning under mild pressure amid weakness in SRW wheat futures despite supportive outside markets and a daily sale of 104,000 MT to Mexico during 2023-24.
Soybeans: January soybeans jumped 27 cents to $13.67 1/4, leading the soy complex higher. December soymeal rallied $6.90 and ended the day at $460.20. December soyoil closed 110 points higher at 53.11 cents. Soybean futures continue to show strength despite relative weakness in the corn and wheat markets.
Wheat: March SRW wheat fell 5 1/4 cents at $5.70 1/2 and nearer the session low. Prices hit a contract low today. March HRW wheat closed down 7 1/4 cents at $6.20 1/4. Prices closed nearer the session low and hit a 27-month low. Spring wheat futures fell 8 1/4 cents before settling at $7.07 1/4. Technical selling pressure was featured in the winter wheat futures markets today, amid fully bearish near-term charts.
Cotton: March cotton fell 26 points to 81.25 cents but ended nearer the session high after trading as low as 79.70 cents. Cotton futures edged lower to start the week, though selling was limited by solid technical support and encouragement from outside markets.
Cattle: February live cattle fell 15 cents to $176.65 and nearer the session low. January feeder cattle rose $1.35 to $229.85 and near mid-range. The live cattle futures market today saw mild selling amid a still-bearish near-term technical posture.
Hogs: December lean hog futures fell 62.50 cents before ending the day at $70.35. Lean hog futures continue to trade in a tight downtrend following the early November peak as cash fundamentals fail to support futures.
