After the Bell | January 9, 2024

Corn: March corn futures rose 4 1/4 cents at $4.59 1/4 and nearer the session high. Short covering and corrective buying were seen in corn futures today after prices hit another contract low early on.

Soybeans: March soybeans rose 2 cents to $12.41 1/2 after reaching a near seven-month low early on, while March soymeal fell 90 cents to $367.60. March soyoil rose 64 points to 48.45 cents. Mild corrective buying surfaced in nearby soybean futures following a reach to Monday’s low in early morning trade.

Wheat: March SRW futures rallied 13 3/4 cents to $6.10, settling nearer session highs. March HRW futures firmed 11 3/4 cents to $6.27. March spring wheat futures saw relative weakness, rising just 3 cents to $7.05 1/2. Winter wheat futures surged on the session though failed to make up all of Monday’s losses.

Cotton: March cotton rose 31 points to 80.73 cents but ended near the session low. Cotton futures extended gains for the third straight session as corrective buying in crude oil futures bolstered the fiber, while U.S. dollar strength and weakness across equities curbed momentum.

Cattle: February live cattle futures led the complex higher Tuesday, rallying 82.5 cents to $170.775. March feeder cattle futures dropped 20 cents to $224.875, while nearby January feeder futures fell 10 cents to $223.775. Live cattle futures made up most of Monday’s losses but continue to struggle against overhead resistance.

Hogs: February lean hogs rose $1.275 to $71.875 and nearer the session high. Prices hit a six-week high today. The lean hog futures market was boosted today as wintry weather in the central U.S. much of this week is likely to restrict hog transportation to packing plants.