After the Bell | January 5, 2024
Corn: March corn futures dropped 5 3/4 cents to $4.60 3/4, marking a 10 1/2 cent loss on the week. Corn futures underwent heavy selling pressure to end the week, making a fresh contract low.
Soybeans: March soybeans fell 12 1/4 cents to $12.49 3/4, a 48 1/4-cent loss on the week. March soymeal fell $6.80 to $369.40, down $16.60 from a week ago, while March soyoil fell 53 points to 47.63 cents, marking a 55-point drop week-over-week. Soybean futures took it on the proverbial chin to start the new calendar year, beginning the week with a notable gap lower as selling persisted throughout the week amid continued improvements in South American weather.
Wheat: March SRW wheat futures rose 2 1/2 cents to $6.16 and near mid-range. For the week, March SRW fell 12 cents. March HRW wheat futures gained 2 1/4 cents at $6.28, near mid-range and for the week down 14 cents. March spring wheat rose 3/4 cent to $7.12 but lost 11 1/2 cents on the week. The winter wheat futures bulls staged a modest recovery in prices late this week after hitting multi-week lows in early trading Thursday.
Cotton: March cotton rose 7 points to 80.19 cents but lost 81 points on the week. Cotton futures were able to eek out mild gains to end the first week of the new year, though moderate selling efforts were the main feature for the natural fiber, inversely tracking recent gains in the U.S. dollar.
Cattle: February live cattle futures fell 55 cents to $170.575 and nearer the session low. On the week, prices rose $2.075. March feeder cattle futures dropped $1.50 at $224.15, nearer the session low and for the week up $1.05. The technically bearish “outside days” down and weekly low closes in February live cattle and March feeder cattle futures today give the speculator bears momentum to suggest they will try to press the downside early next week.
Hogs: Hog futures advanced again Friday, although the spring and summer contracts led the way higher. Nearby February hogs rose 95 cents to $70.00. That represented a weekly gain of $2.025. Pork cutout ended Thursday having risen modestly, then added another 33 cents to reach $84.83 at midsession today.
