After the Bell | November 27, 2023

Corn: December corn fell 7 3/4 cents to $4.55 1/2 and closed near the session low, while March corn dropped 7 1/4 cents to $4.75 1/4. Corn futures extended to a fresh-for-the-move low amid spillover SRW wheat weakness and broad technical selling across commodities.

Soybeans: January soybean futures fell 1 cent to $13.29 3/4. December meal futures rose $1.3 to $458.7, though closed nearer session lows. December bean oil futures rallied 38 points to 51.91 cents. Soybean futures saw limited losses after falling over 50 cents in the past two sessions as prices were supported by technical buying.

Wheat: March SRW wheat fell 16 1/4 cents to $5.61. March HRW wheat closed down 15 cents at $5.96 1/2. Both markets closed near their session lows and hit contract lows. Spring wheat futures dropped 14 3/4 cents to $6.99 3/4. The wheat futures markets were hit today by the chart-based sellers and by the selloff in corn futures.

Cotton: March cotton plummeted 173 points to 79.26 cents, the lowest close since Nov. 9. Cotton futures faced notable selling to start the week amid broad technical selling and increasing production prospects in Brazil.

Cattle: February live cattle closed down $2.15 at $168.825, nearer the session low and hit an eight-month low. January feeder cattle dropped $6.525 to $212.80. Prices hit a 10-month low and closed near the session low. The recent steep downdrafts in the cattle futures markets are mostly technically based and are likely capitulation moves by the speculator bulls.

Hogs: December lean hogs rallied 30 cents to $67.875, though deferred contracts faced steep losses, as February futures dropped $1.85 to $66.925. Nearby lean hog futures were supported by the steep discount to the cash index, though deferred contracts saw losses for the fifth consecutive session as losses in the cattle market weigh on prices.