After the Bell | January 18, 2024
Corn: March corn rose 1 3/4 cents to $4.44, near the session high after notching a fresh three-year low early on. Corn futures extended to a fresh contract low and three-year low in early trading but were able to make a mild rebound, led by corrective strength in soybeans.
Soybeans: March soybeans saw corrective buying, rallying 7 3/4 cents before settling at $12.13 3/4, nearer session highs. March soymeal rallied $2.60 to $361.30, settling nearer session highs. March bean oil dropped 8 points to 47.62 cents, settling near the mid-point of today’s session. Soybean futures saw action on both sides of unchanged before prices made a fresh for-the-move low, though seller interest subsided as the session went on and volume was low.
Wheat: March SRW wheat rose 3 cents to $5.85 1/2, near the session high and hit a seven-week low early on. March HRW wheat gained 11 1/4 cents at $6.05 1/4, near the session high today and hit a contract low early on. Spring wheat futures rallied 7 3/4 cents to $6.88. The wheat futures markets today saw some tepid short covering and some support from modest gains in corn and soybean futures.
Cotton: March cotton futures rallied 81 points to 82.51 cents, the highest close since Dec. 7. Cotton futures continue to show relative strength compared to the overall ag complex, as prices surged to the highest level since early December.
Cattle: April live cattle rose $2.025 to $177.65. March feeder cattle gained $2.775 at $232.55. Both markets closed nearer their session highs and hit two-month highs. Technical buying was featured in the live and feeder cattle futures markets today as solid gains suggest the price uptrends in both markets will be extended.
Hogs: Hog futures traded mixed Thursday, with nearby February dipping 35 cents to $71.10. Today’s daily slaughter report stated the Thursday kill at 489,000 head, which marked a 54,000 head (12.5%) jump from the same day last year.
