After the Bell | January 16, 2024

Corn: March corn futures fell 3 1/2 cents to $4.43 1/2 and near the session low. Prices closed at a contract low close today. A strong U.S. dollar index that today hit a four-week high, along with a “risk-off” day in the general marketplace to start the U.S. trading week, sunk the corn futures market today.

Soybeans: March soybeans rose 3 cents to $12.27 1/4, a near mid-range close, while March soymeal rallied $6.40 to $367.40. March soyoil fell 96 points to 47.68 cents. Soybean futures spent the session trading within Friday’s upper range, as traders continued to mull over production updates for both the U.S. and South America.

Wheat: March SRW wheat closed down 14 cents at $5.82. March HRW wheat closed down 13 3/4 cents at $6.01 1/2. Both markets closed near their session lows and hit six-week lows today. March spring wheat fell 8 3/4 cents to $6.90 3/4. A strong rally in the U.S. dollar index to a four-week high and risk aversion in the general marketplace due to heightened Middle East tensions sunk the wheat futures markets today.

Cotton: March cotton rose 2 points to 81.33 cents, a high-range close. Cotton futures were able to notch mild gains despite notable pressure from outside markets amid a broad risk-off tone due to rising tensions in the Red Sea.

Cattle: February live cattle futures surged $1.75 before settling at $173.125. March feeder cattle futures rallied $1.125 cents to $228.825, while nearby January futures closed 97.5 cents higher at $227.55. Live cattle futures surged to a seven-week high as prices continue to grind higher on the daily bar chart.

Hogs: Hog futures declined Tuesday with nearby February leading the way lower. A late rebound cut the loss to $1.125, with the close coming in at $70.775. Hog traders seemed to think the premiums built into hog futures last week were overly optimistic, which at least partially explains today’s futures losses despite supportive fundamental news.