After the Bell | January 23, 2024
Corn: March corn futures closed up 3/4 cent at $4.46 1/2 though nearer the session low. It was another lackluster trading session for the corn market today, as traders are awaiting fresh fundamental inputs.
Soybeans: March soybeans rose 15 1/4 cents $12.39 1/2 and marked the highest close since Jan. 9. March soymeal rose $5.30 to $361.10, ending high- range, while March soyoil gained a marginal 5 points, ending the session at 48.21 cents. Nearby soybeans were able to breach the 10-day moving average for the first time since late December amid follow-through corrective buying.
Wheat: March SRW futures closed unchanged on the day at $5.96 1/2, though settled nearer session lows. March HRW futures rallied 10 1/2 cents to $6.17 1/2, settling near the session’s mid-point. March spring wheat fell 1 1/2 cents to $6.99. SRW wheat futures failed to maintain overnight and early session gains, ultimately falling on the session as traders sought to sell the rally.
Cotton: March cotton fell 23 cents to 84.60 cents but still ended high-range. March cotton futures paused in the wake of a string of gains which led the natural fiber to a multi-month high on Monday.
Cattle: February live cattle futures surged 87.5 cents to $174.65. March feeder cattle futures rallied $2.375 to $233.65, a two-month high close, while expiring January futures rose $1.175 to $231.00. Cattle futures continue to march higher on the daily bar chart in a persistent rally.
Hogs: April lean hog futures rose $2.70 at $80.325, near the session high and hit a two-month high. Technical buying from the speculators was featured today as the near-term chart posture for April hogs has quickly turned bullish.
