After the Bell | January 12, 2024
Corn: March corn futures dropped 10 3/4 cents to $4.47, marking a fresh contract low on the session and losing 13 3/4 cents on the week. Corn futures plunged following bearish USDA reports that showed yield toppling the previous record and adding even more bushels to the already record crop.
Soybeans: March soybeans fell 12 1/4 cents to $12.24 1/4 and gave up 32 cents on the week. March soyoil closed 10 cents lower at $362.10 and fell $7.30 from a week ago. March soyoil lost 47 points on the day, closing at 48.25 cents but gained 62 points week-over-week. Soybean futures were able to make a remarkable recovery after an earlier selloff, prompted by USDA’s final production peg.
Wheat: March SRW wheat futures fell 7 3/4 cents to $5.96 and hit a six-week low. For the week, March SRW lost 20 cents. March HRW wheat futures lost 3/4 cent to $6.15 1/4 and also hit a six-week low. Prices lost 12 3/4 cents for the week. March spring wheat fell 1/2 cent to $6.99 1/2 and is down 12 1/2 cents on the week. Wheat futures markets were pressured today by a batch of generally bearish USDA data for the grain markets.
Cotton: March cotton fell 5 points to 81.31 cents but gained 112 points on the week. Cotton futures had a rather muted response to USDA’s onslaught of data relative to the grain and soy complexes.
Cattle: February live cattle futures fell 42 1/2 cents to $171.375 and nearer the session low. For the week, February cattle rose 80 cents. March feeder cattle futures rose 30 cents to $227.70, near mid-range and hitting a six-week high. For the week, March feeders rose $3.55. Not a bad week for the cattle futures markets bulls. Today’s bullish weekly high close in March feeders sets the stage for follow-through technical buying in that market next Tuesday.
Hogs: Hog futures ended the day and week rather poorly. Nearby February fell 70 cents to $71.90 at Friday’s close. That represented a weekly rise of $1.90. Great Plains weather could greatly affect the hog and pork markets next week, since the snow and arctic conditions could limit farmer shipments to plants, as well as the packing industry’s ability to operate those plants at full speed.
