After the Bell | March 19, 2024
Corn: May corn futures rose 3 1/2 cents to $4.39 1/2 and nearer the session high. The corn futures bulls are showing resilience and keeping alive a fledgling price uptrend on the daily bar chart.
Soybeans: May soybeans fell 2 1/4 cents to $11.85 1/2, ending the session below the 40-day moving average for the first time since March 11. May soymeal gained $2.00 to $333.90, forging a high-range close, while May soymeal fell 56 points to 48.14 cents. Soybean futures attempted to climb into positive territory as strength in corn and SRW wheat prompted light buying.
Wheat: May SRW futures rallied 9 3/4 cents to $5.52 1/2, settling nearer session highs. May HRW futures rose 9 cents to $5.82 3/4. May spring wheat rose a nickel to $6.55 3/4. Wheat futures worked to the upside for the second consecutive session today, supported by reports that the EU will levy tariffs on grain imports from Russia and Belarus.
Cotton: May cotton fell 123 points to 93.34 cents, marking the lowest close since Feb. 20. Cotton futures encountered notable selling, reaching the lowest intraday level in nearly a month.
Cattle: April live cattle futures fell 52.5 cents before settling at $188.05. April feeder cattle futures slipped 2.5 cents to $255.075, while expiring March feeders dropped 52.5 cents to $250.675. Cattle futures ended the day mixed in choppy trade ahead of USDA’s Cattle on Feed Reports.
Hogs: April lean hogs fell $1.00 to $85.825 and near mid-range. The hog futures market today saw some profit-taking and chart-based selling pressure.
