After the Bell | December 26, 2023
Corn: March corn rose 7 1/4 cents to $4.80 1/4 and closed above the 10- and 20-day moving averages for the first time since Dec. 12. Corn edged higher for the third straight session amid spillover strength from SRW wheat and a rally in crude oil futures which stemmed from rising tensions in the Middle East.
Soybeans: January futures rose 13 1/2 cents to $13.13 1/4, while March soybean futures rallied 12 3/4 cents to $13.19. March soymeal futures rose $4.80 to $395.90, settling on session highs. March soyoil dropped 51 points to 48.51 cents, though settled off session lows. Soybean futures saw selling pressure to start the week, but buyers stepped in as the session progressed.
Wheat: March SRW wheat rose 20 cents at $6.36 1/4. March HRW wheat closed up 19 3/4 cents at $6.42 3/4. Both markets closed nearer their daily highs. Spring wheat futures rallied 15 cents to $7.29 1/4. Wheat futures were supported in part today by rising Ukraine/Russia tensions following reports Ukraine’s military shot down a couple of Russian jets and hit a Russian warship with missiles.
Cotton: March cotton rose 29 points to 80.05 cents and closed above the 10-day moving average for the first time since Dec. 14. Cotton futures rose modestly despite strong gains in crude oil as technical headwinds continue to dampen buying interest.
Cattle: February live cattle rose $1.875 to $170.40 and near the session high. March feeder cattle gained 17 1/2 cents to $224.575, also near the daily high. The cattle futures markets today were supported by bullish outside market forces that included a rally in the U.S. stock market as well as solid gains in crude oil prices that prompted some better speculator buying interest.
Hogs: February lean hog futures fell $2.05 to $69.30, nearer session lows. Lean hog futures fell under heavy selling pressure following Friday’s bearish Hogs & Pigs Report.
