After the Bell | November 29, 2023
Corn: March corn rose 2 1/4 cents to $4.75 3/4, closing nearer the session high after marking a fresh contract low early on. Corn futures were able to rally from a fresh contract low notched shortly after this morning’s open.
Soybeans: January soybeans rose 1/2 cent to $13.47 and nearer the session high. March soybean meal fell $2.10 to $416.90 and nearer the session low. March bean oil closed down 15 points at 52.48 cents and near mid-range. Soybean traders today paused after gains posted Tuesday. The down-trending corn market that hit a new contract low today limited buying interest in the soy complex, but the two-day rally in the wheat markets limited seller interest.
Wheat: March SRW rose 13 3/4 cents to $5.85 3/4, the highest close since Nov. 15. March HRW rallied 16 1/2 cents to $6.34 1/4, near the session high, while March spring wheat rose 12 cents to $7.25 1/4. SRW wheat futures were able to notch notable follow-through gains after marking fresh lows to start the week.
Cotton: March cotton fell 1 point to 79.59 cents and nearer the session low. The cotton futures market today saw mild chart-based selling pressure.
Cattle: December live cattle futures rose 25 cents to $171.90, while most-active February gained 65 cents to $173.475. January feeder futures rallied $1.15 to $222.20. Live and feeder cattle futures opened Wednesday’s session strongly as traders anticipated a sizeable followthrough to Tuesday’s across-the-board surge.
Hogs: February lean hog futures rallied $1.075 before ending the day at $70.10, while nearby December futures edged up 5 cents to $68.975. Lean hog futures continued to rally despite weakness in the nearby December contract, indicating recent selling pressure may have been overdone.
