After the Bell | January 8, 2024

Corn: March corn fell 5 3/4 cents to $4.55 and marked a fresh contract low early on. Corn futures extended recent weakness to a fresh contract low as spillover weakness from SRW wheat and soybean futures in addition to plunging crude oil futures weighed on prices.

Soybeans: March soybeans fell 10 3/4 cents to $12.45 1/2 but closed well off session lows. March soymeal dropped 90 cents to $368.5 after making a three-month low early in the session. March soyoil rallied 18 points to 47.81 cents, despite making a seven-month low earlier in the session. Soybean futures continue to undergo heavy selling, marking a fresh six and a half month low.

Wheat: March SRW wheat closed down 19 3/4 cents at $5. 96 1/4 and near the session low. Prices closed at a five-week low close. March HRW wheat closed down 12 3/4 cents at $6.15 1/4, nearer the session low and hit a six-week low. March spring wheat futures fell 9 1/2 cents to $7.02 1/2, marking a six-week low. Losses in corn and soybean futures today, including a new contract low in March corn, spilled over into selling pressure in the wheat markets today.

Cotton: March cotton rose 23 points to 80.24 cents, a mid-range close. Cotton futures were able to mark mild gains to start the week despite heavy selling in crude oil futures along with a broad risk-off tone across commodities, while extended U.S. dollar weakness served up support to the natural fiber.

Cattle: February live cattle fell 62 1/2 cents to $169.95 and near the session low. Prices hit a five-week high early on. March feeder cattle closed up 92 1/2 cents at $225.075 and near mid-range. The live cattle futures market lost ground in late trading, after posting modest gains for much of the session.

Hogs: February lean hog futures rallied 60 cents to $70.60, while deferred contracts saw greater gains. Despite broad weakness across commodities, lean hog futures rallied for the third consecutive session.