After the Bell | February 2, 2024
Corn: March corn futures fell 4 1/2 cents to $4.42 3/4, marking a 3 1/2 cent loss on the week. Corn futures fell under pressure from the sinking soybean market, though showed limited volatility to end the week.
Soybeans: March soybeans fell 14 3/4 cents to $11.88 1/2, a near eight-month-low close and lost 20 3/4 cents on the week. March Soymeal fell $4.90 to $356.80 but gained $7.80 from a week ago. March soyoil fell 87 points to 44.73 cents and lost 220 points week-over-week. Soybean futures extended Thursday’s losses, eliminating early-week gains in their entirety, as demand woes and fresh South American supplies limited buying.
Wheat: March SRW wheat futures fell 1 3/4 cents to $5.99 3/4 and nearer the session low. For the week, March SRW lost 1/2 cent. March HRW wheat futures rose 4 1/4 cents to $6.25 and near mid-range. For the week, March HRW rose 1/4 cent. March spring wheat rose 3 3/4 cents to $6.99 3/4 but lost 3 3/4 cents on the week. The winter wheat futures markets continue to languish in sideways and choppy trading at lower price levels.
Cotton: March cotton rose 62 points to 87.11 cents and gained 274 points on the week. March cotton pressed higher for the fourth straight session, trading at the highest intraday level since mid-October.
Cattle: April live cattle futures rose 57 1/2 cents to $183.75, closing near mid-range, reaching a nearly three-month high and gaining $2.075 for the week. March feeder cattle futures lost 7 1/2 cents to $244.80, nearer the session low after hitting a 3.5-month high early on. For the week, March feeders rose $5.10. The bullish weekly high close in April live cattle futures sets the stage for some follow-through technical buying interest from the speculators early next week.
Hogs: Expiring February hog futures slipped 35 cents to $75.45 Friday, while most-active April futures gained 7.5 cents to close at $83.825. That represented a weekly rise of 57.5 cents. The hog and pork complex continues exhibiting seasonal strength, but futures traders are apparently wondering if the premiums now built into nearby futures will be justified by the anticipated gains.
