After the Bell | February 28, 2024
Corn: May corn rose a nickel to $4.28 1/2, ending the session above the 10-day moving average to the highest close in over a week. Corrective buying in corn expanded into the third straight session despite minimal support from outside markets and moderate selling in SRW wheat, marking the longest stretch of gains since mid-January.
Soybeans: May soybeans rose 4 1/2 cents to $11.45 1/4, while May soybean meal gained $2.60 at $327.50. May bean oil closed down 34 points at 45.19 cents. All three forged mid-range closes. The soybean and meal futures markets got a slight lift today from decent gains in corn futures prices.
Wheat: May SRW fell 9 1/2 cents to $5.74 3/4, closing near the session low, while May HRW fell 4 3/4 cents to $5.81 but forged a high-range close. May spring wheat fell 6 1/4 cents to $6.56. Wheat was the biggest loser across the grain and soy markets today as sluggish demand and easing global supply woes continue to fundamentally strap prices, while U.S. dollar strength aided in the assist.
Cotton: May cotton gained 228 points to 101.08 cents, near mid-range and hit a contract and 1.5-year high. With cotton futures prices now in rarified air, sellers are not wanting to stand in front of this steaming locomotive.
Cattle: The February live cattle contract, which expires at noon tomorrow (2/29) slid 95 cents to $184.65 Wednesday, while most-active April fell $1.60 to $186.125. March feeders led that market lower, diving $3.40 to $249.60. The cattle outlook still looks promising, especially after Monday’s monthly USDA Cold Storage report indicated domestic stockpiles had declined 4.9 million pounds last month, whereas the five-year average implied a rise of 2.9 million pounds during January.
Hogs: April lean hog futures rose 10 cents to $86.00, despite trading as high as $87.20 this morning. Prices settled nearer session lows. Lean hog futures gapped higher on today’s opening, but struggled to maintain gains as the session went on as traders were dismayed by perceived weakness in the cash market.
