After the Bell | March 18, 2024
Corn: May corn fell 3/4 cents to $4.36, notching a near mid-range close. Corn futures began the week rather undecidedly, despite solid gains in SRW wheat and crude oil futures, as technical resistance continues to limit buying efforts.
Soybeans: May soybean futures fell 10 1/2 cents to $11.87 3/4, settling near session lows. May meal futures dropped $2.80 to $331.90. May bean oil futures plunged 72 points to 48.70 cents, settling nearer session lows. Soybeans continue to trade largely sideways, consolidating for an upcoming move.
Wheat: May SRW wheat rose 14 cents 1/4 to $5.42 3/4 and near the session high. May HRW wheat closed up 7 1/2 cents at $5.73 3/4 and nearer the session high. May spring wheat futures rallied 4 1/4 cents to $6.50 3/4. Short covering and perceived bargain hunting were featured in the winter wheat futures markets today, following recent selling pressure.
Cotton: May cotton rose 63 points to 94.57 cents, marking a low-range close. Cotton futures notched mild gains to begin the week as some upbeat economic data from China lent support, while U.S. dollar gains crimped buying.
Cattle: April live cattle rose $1.325 to $188.575. May feeder cattle gained $3.125 at $259.125. Prices closed near their session highs. The cattle futures markets today saw solid price rebounds from the selling pressure seen late last week, to keep the bulls in firm technical control.
Hogs: April lean hog futures fell 10 cents to $86.825, settling directly in the mid-point of today’s $1.00 range. Lean hog futures traded on both sides of unchanged, though saw limited volatility throughout the session.
