After the Bell | January 31, 2024
Corn: March corn rose 1/2 cent to $4.48 1/4, ending just 1/4 cent from the session high. In tandem with soybeans, corn retreated mildly to the downside following Tuesday’s short-covering gains but ended near the session high as returned soymeal strength eased pressure across the grain and soy complexes.
Soybeans: March soybeans rose 3 1/2 cents to $12.22 1/4. March soybean meal rose $5.30 at $368.30. March bean oil closed up 2 points at 46.02 cents. Prices in all three markets closed near their session highs. The soybean complex markets saw corrective selling pressure early on today but the bulls came on strong in late trading to produce high-range daily closes in all three markets.
Wheat: March SRW wheat fell 10 1/4 cents to $5.95 1/4, while March HRW gave up 8 3/4 cents, closing at $6.22. March spring wheat fell 7 1/2 cents to $6.92 1/4, with low range closes featured across the wheat complex. SRW wheat gave up the biggest portion of Tuesday’s gains, despite U.S. dollar weakness, as notable overhead resistance continues to dampen buying efforts.
Cotton: March cotton closed up 39 points at 85.17 cents and nearer the session high. The cotton futures market showed bullish follow-through buying strength from Tuesday’s gains, to keep the technical posture near-term bullish and encouraging speculator and chart-based buying interest.
Cattle: Nearby February live cattle futures ended Wednesday having sunk 67.5 cents to $177.35, while most-active April dropped $1.05 to $180.70. Nearby March feeder futures fell $1.175 to $240.15. The fundamental cattle situation remains supportive, with production slipping toward annual lows in February or March and demand apparently remaining solid despite significant annual increases in retail beef prices.
Hogs: April lean hog futures gapped lower then rallied from the open, though the contract still lost 7.5 cents on the day to $84.825. Expiring February futures rallied 50 cents to $76.35. Lean hog futures continue to show relative strength, though they slipped from session highs as near-term overbought conditions limited buying interest and ultimately led prices lower on the session.
