After the Bell | December 29, 2023
Corn: March corn futures lost 3 cents on the session to $4.71 1/4, losing 1 3/4 cents on the week. On the year, corn futures fell 31%. Corn futures sold off for three consecutive days, giving up all and more of Tuesday’s surge higher.
Soybeans: March soybeans fell 14 cents to $12.98 and gave up 8 1/4 cents on the week. March soymeal fell $4.70 to $386.00 and lost $5.10 week-over-week. March soyoil rose 20 points to 48.18 cents but is down 84 points from a week ago. Year-over-year, March soybeans are down 7%. Soybean futures ended the week on a bitter note, marking a two and a half month low amid improving forecasts in Brazil.
Wheat: March SRW futures lost 3 1/2 cents to $6.28, though gained 11 3/4 cents on the week. March HRW futures dropped 1 3/4 cents to $6.42 while gaining 19 cents on the week. March spring wheat futures fell 2 cents, settling at $7.23 1/2. SRW futures lost 21% on the year. Wheat futures ended the year on a whimper despite buying efforts overnight. Despite selling efforts today, wheat futures continue to trade on recent highs and look to be consolidating in a bullish consolidation pattern.
Cotton: March cotton futures surged early though faced profit taking as the session went on, ultimately rising 5 points on the session to 81.00 cents, marking a 124-point gain on the year. Cotton futures lost 3% on the year. March cotton futures ended the week subdued, but able to end the trading year on a slightly positive note.
Cattle: February live cattle futures fell 42.5 cents on the day to $168.50, marking a 2.5 cent loss on the week. March feeder cattle futures fell 2.5 cents before settling at $223.10, marking a $1.30 loss on the week. Live cattle futures gained 7% on the year while feeders gained 21%. Cattle futures gapped higher this morning, though bullish momentum stalled as the day went on.
Hogs: February lean hog futures fell 47.5 cents to $67.975, losing $3.375 on the week. On the year, lean hog futures fell 22%. Last Friday’s Hogs & Pigs Report set the tone this week, while a wobbling CME lean hog index left traders leery, with suspicions proving accurate given today’s 14 cent move lower to $65.57, a fresh seasonal low.
