After the Bell | November 21, 2023
Corn: March corn futures rose 1 1/2 cents to $4.89 and near mid-range. The corn futures market continues to languish at lower price levels.
Soybeans: January soybeans rallied a dime to $13.77 1/4, a mid-range close after trading as high as $13.89 1/4. December meal fell $1.00 to $459.20. December soyoil rose 108 points to 54.19 cents and closed above the 40-day moving average for the first time since Sept. 15. Persisting weather concerns in Brazil led soybeans to the highest level in nearly a week, though easing meal futures curbed momentum.
Wheat: December wheat futures surged 11 1/2 cents, settling at $5.55. December HRW futures rallied 5 1/4 cents to $6.15 3/4, while December spring wheat futures rose 10 1/4 cents to $7.17 1/2. Wheat futures saw corrective buying, maintaining gains despite corn and soybeans both pulling back from intraday highs.
Cotton: March cotton fell 56 points to 80.69 cents, a near mid-range close. Cotton futures continued to edge sideways in narrow trade as the U.S. dollar gained increasing strength following a touch to an 11-week low overnight.
Cattle: December live cattle futures fell 47.5 cents to $175.00 and settled near mid-range. January feeder cattle futures dropped $1.525 to $228.325, closing nearer the session low. Live cattle futures struggled to garner much momentum either way in choppy trade, though the downside remains limited from last week’s low.
Hogs: February lean hogs dropped $2.725 to $72.325, nearer the session low and hit a three-week low. Lean hog futures prices tumbled today on chart-based selling pressure as the near-term technical posture for February hogs deteriorated significantly today.
