After the Bell | November 22, 2023
Corn: December corn futures fell 1 1/4 cents to $4.68 3/4, a low-range close. Corn futures struggled garnering much momentum either way despite volatility in the soy and wheat markets.
Soybeans: January soybean futures fell 20 3/4 cents to $13.56 1/2. March soybean meal futures lost $5.70 at $424.10. March soybean oil futures closed down 68 points at 52.41 cents after hitting a four-week high early on. All three markets closed nearer their daily lows. Price action in soybean and meal futures has turned sideways and choppy as their price uptrends on the daily charts have stalled out.
Wheat: December SRW wheat rose 3/4 cents to $5.55 3/4, closing near the session low, while December HRW fell 1 1/4 to $6.14 1/2. December spring wheat fell 6 3/4 cents to $7.10 3/4. While SRW wheat futures turned down from overnight strength, curbed by technical resistance and low trade volume ahead of the Thanksgiving holiday, slight gains were achieved despite a rally in the U.S. dollar from Tuesday’s 11-week low.
Cotton: March cotton rose 21 points to 80.90 cents, a high-range close. Cotton futures spent the session in narrow trade as sideways consolidation continued ahead of the Thanksgiving holiday.
Cattle: February live cattle futures closed down 80 cents at $175.275 and near the session low. January feeder cattle futures lost $1.20 to $227.125 and nearer the daily low. The weak near-term technical postures for live and feeder cattle futures markets suggest the speculative bears will press their case on the downside in the near term.
Hogs: December lean hogs rose 10 cents to $68.275, following narrow trade. December lean hogs saw limited volatility throughout the session though deferred contracts saw losses.
