After the Bell | November 30, 2023
Corn: March corn rose 7 cents to $4.82 3/4, closing near the session high. March corn futures extended Wednesday’s gains amid strong weekly export sales, while outside market pressure curbed momentum.
Soybeans: January soybeans fell 4 1/4 cents to $13.42 3/4. March soybean meal dropped $2.70 at $414.20. March bean oil closed down 43 points at 52.05 cents. All three markets closed nearer their session lows. Buyer interest in the soybean complex was limited today by a strong rally in the U.S. dollar index and a selloff in the crude oil market, despite OPEC agreeing on another oil-production cut.
Wheat: March SRW futures rallied 12 1/4 cents before closing at $5.98, near session highs. March HRW futures firmed 8 3/4 cents and settled at $6.43. March spring wheat rose 4 1/4 cents to $7.29 1/2. Wheat futures surged on spillover strength from the corn market, despite outside markets favoring the downside.
Cotton: March cotton rose 47 points to 80.06 cents and near mid-range. Tepid short covering was featured in the cotton futures market today. Gains were limited by a solid rally in the U.S. dollar index and a sell-off in the crude oil market despite OPEC announcing another oil-production cut.
Cattle: Cattle futures turned lower Thursday, with the expiring December live cattle contract dropping $1.025 to $170.8750 and most-active February tumbling $1.65 to $171.825. Nearby January feeder futures dove $2.25 to $219.95. Underlying fundamentals for live cattle futures seem quite stable at this point, although this week’s early activity puts the cash average in light trading around $174.75, about $2.00 under last week’s mean.
Hogs: February lean hog futures rallied $1.375 to $71.475, settling near session highs, though nearby December futures fell 20 cents to $68.775. Lean hog futures continue to surge in deferred contracts as recent selling was overdone, with February nearly closing the gap created by last Friday’s dive.
