After the Bell | February 8, 2024
Corn: March corn fell 1 cent to $4.33 1/4, a contract-low close. March corn marked a fresh contract low following USDA’s update, which was bearish against expectations, but remained relatively poised despite selling across the wheat and soy complexes.
Soybeans: March soybeans rose 4 cents on late-session buying to $11.93. March soymeal fell $4.10 to $347.10, nearer session lows. March bean oil surged 121 points to 47.97 cents, settling near session highs. Soybean futures quickly reversed overnight gains as USDA reports proved to be more bearish than expected, though bulls underpinned prices into the close.
Wheat: March SRW wheat fell 13 1/2 cents at $5.88 1/2. March HRW wheat closed down 17 1/4 cents at $6.01. Prices closed nearer their session lows and hit three-week lows today. March spring wheat fell 12 1/2 cents to $6.83 3/4. Today’s monthly USDA supply and demand report for February leaned a bit bearish.
Cotton: March cotton futures surged 63 points before ending the day at 89.10 cents, marking the highest close since Sept. 28. Cotton futures rallied as ending stocks are seen as tightening both domestically and globally.
Cattle: April live cattle rose $1.775 at $186.575 and nearer the session high. Prices hit a three-month high today. March feeder cattle closed up $1.30 at $246.85 and nearer the session low. Prices hit a 3.5-month high early on. The cattle futures markets were supported today by more chart-based buying from speculative traders.
Hogs: A dip in hog and pork prices triggered another drop in hog futures Thursday, with expiring February futures sliding 7.5 cents to $73.30 and most-active April tumbling 75 cents to $80.35. Pork cutout values fell rather sharply (down $2.24 to $83.99) Wednesday, which probably played a role in today’s weak performance by lean hog futures.
