After the Bell | January 3, 2024

Corn: March corn rose 1 1/2 cents to $4.65 1/4 and closed near the session high. Corn futures made a weak attempt to end the recent losing streak, led by corrective gains in the soy complex.

Soybeans: March soybeans rose 3 1/2 cents to $12.77 after hitting a six-month low early on and closed nearer the session high. March soybean meal gained 90 cents at $380.40 and nearer the session high. Prices hit a 2.5-month low early on. March bean oil closed up 31 points at 48.60 cents and nearer the session high. The soybean complex futures markets today saw short covering and corrective rebounds following recent selling pressure.

Wheat: March SRW fell 6 1/2 cents to $6.00 1/4, a low-range close, while March HRW fell 7 1/2 cents to $6.21 1/2. March spring wheat closed 6 1/2 cents lower at $7.08 1/2. SRW wheat posted losses for the third straight session as U.S. dollar strength and improving state-level winter wheat crop ratings from USDA hovered over the complex.

Cotton: March cotton rose 99 points at 80.93 cents and nearer the session high. The cotton futures market today saw short covering and some support from a solid rally in the crude oil futures market.

Cattle: Cattle futures recovered from early losses, with February live cattle closing down just 7.5 cents at $171.85. Expiring January feeder cattle rose 65 cents to $226.07, while most-active March gained 57.5 cents to $227.025. Tuesday’s surge in fed cattle and feeder futures likely reflected last week’s late strength in cash prices for fed cattle, which pulled the weekly average up to $172.24.

Hogs: February lean hog futures traded on both sides of unchanged before settling 2.5 cents lower to $65.30. Lean hog futures traded in a volatile session, gapping higher though making a fresh contract low midday before bouncing into the close.