After the Bell | December 5, 2023
Corn: March corn futures closed up 5 cents at $4.90 1/2 and near the session high. The corn futures market saw more short covering and perceived bargain buying today.
Soybeans: January soybeans fell 3/4 cent to $13.05 1/2 after trading at the lowest intraday level since Oct. 13, while January meal rose $9.50 to $417.80, marking the first positive close in six sessions. January soyoil fell 98 points to 50.26 cents and traded at the lowest intraday level since Nov. 13 early on. Extended selling from technical pressure continued to hover over soybean futures for the fourth straight session despite lower Brazilian production pegs and corrective gains in meal futures.
Wheat: March SRW wheat rose 10 3/4 cents at $6.31 1/4 and nearer the session high. Prices hit a three-month high today. March HRW wheat gained 5 cents to $6.62 3/4, near mid-range and hit a four-week high. Spring wheat futures rose 2 3/4 cents before settling at $7.39. Short covering and follow-through technical buying was featured in the wheat futures markets today.
Cotton: March cotton rose 100 points to 79.68 cents, ending near the session high. While March cotton futures regained a portion of recent losses, technical headwinds continue to influence sideways consolidation.
Cattle: February live cattle futures rallied $1.90 to $168.975, while nearby December futures rose $1.25 to $168.50. January feeder cattle futures jumped $4.175 to $214.70. Live cattle futures rallied on corrective buying despite continued seasonal cash market weakness.
Hogs: Hog futures remained seasonally weak Tuesday, with the nearby December contract falling $1.225 to $66.825 and most-active February dropping $1.45 to $69.35. The hog market continues its ongoing seasonal decline.
