After the Bell | February 23, 2024
Corn: March corn futures lost 6 1/4 cents to $3.99 3/4, settling nearer session lows. March futures lost 16 3/4 cents on the week. Corn futures slid to fresh contract lows and the lowest level since November 2020 on the continuation chart, marking the third consecutive day of losses.
Soybeans: May soybeans fell 10 3/4 cents to $11.41 3/4 and lost 34 1/2 cents on the week. May soymeal fell $3.40 to $328.00, marking a $10.90 week-over-week loss. May soyoil fell 20 points to 44.60 cents and gave up 148 points on the week. Soybean futures marked fresh contract lows amid weak U.S. export demand and fresh supply from South America as Brazil continues to face mostly favorable conditions for harvest.
Wheat: May SRW wheat futures prices fell 10 1/4 cents to $5.69 and for the week gained 10 cents. May HRW wheat lost 6 cents to $5.65 1/2 and for the week rose 4 cents. May spring wheat futures fell 8 3/4 cents to $6.46 3/4 and fell 8 3/4 cents on the week. Today’s losses in the winter wheat futures markets that saw technically bearish weekly low closes and prices back down near their contract lows suggest more follow-through selling pressure early next week.
Cotton: May cotton fell 97 points to 93.49 cents and gave up 93 cents on the week. May cotton ended the week lower amid notable selling in crude oil futures, while a lower U.S. dollar and persisting strength in equities limited losses.
Cattle: April live cattle futures rose $1.35 to $187.90, a four-month-high close and on the week up 35 cents. May feeder cattle futures gained $2.75 to $262.075, near the session high and hit a four-month high. For the week, May feeders rose $6.45. Today’s gains in live and feeder cattle futures that produced technically bullish weekly high closes set the table for follow-through chart-based buying early next week.
Hogs: The hog and pork complex remained strong through the end of the week. Nearby April lean hog futures settled at $87.20 today, unchanged on the day, but up $1.975 on the week. The cash hog and wholesale markets look likely to end the week on a strong note, which seemingly bodes well for next week as well.
