After the Bell | March 14, 2024
Corn: May corn fell 7 1/2 cents to $4.33 3/4, forging a low-range close at the lowest level in more than a week. Corn futures were pressured by followthrough selling in SRW wheat amid bearish supply and demand fundamentals, combined with notable gains in the U.S. dollar.
Soybeans: May soybeans fell 1 1/2 cents to $11.95 1/4, though traded as high as $12.17 1/2. May soymeal futures rallied $1.0 to $337.4, though settled nearer session lows. May bean oil fell 18 points to 48.39 cents. Soybean futures posted impressive gains early in the session, though succumbed to selling pressure as the day went on.
Wheat: May SRW wheat lost 12 cents to $5.32 1/4. May HRW wheat fell 12 3/4 cents at $5.74 3/4. Prices closed nearer their session lows today. May spring wheat futures dipped 8 1/2 cents to $6.55. The winter wheat futures markets were hit with technical selling pressure today amid near-term charts that still lean bearish.
Cotton: May cotton futures fell 142 points to 93.48 cents, settling nearer session lows. Cotton futures fell under selling pressure for the second consecutive session, marking the lowest close since Feb. 21.
Cattle: April live cattle fell $2.975 to $186.95. May feeder cattle lost $3.775 at $254.825. Prices closed near their daily lows. Bearish daily “outside market” forces were at work in the cattle futures markets today.
Hogs: Hog futures traded mixed Thursday, with the nearby contracts edging higher and the summer contracts posting modest losses. Nearby April futures ended the day 15 cents higher at $85.025. The current hog and pork situation remains supportive of short-term gains.
