After the Bell | April 2, 2024

Corn: May corn futures plunged 9 cents to $4.26 1/2, settling near session lows. Corn futures have negated all of last Thursday’s report driven strength as sellers actively took advantage of higher prices.

Soybeans: May soybeans fell 11 3/4 cents to $11.74, marking a near four-week low close, while May meal slid $5.10 lower to $328.30, marking the lowest close since Feb. 28. May soyoil rose 36 points to 48.60 cents, above the 100-day moving average. Soybeans gave up early session strength to mark losses for the fifth straight session amid increasing selling pressure in corn futures and persisting weakness in soymeal.

Wheat: May SRW futures dropped 11 3/4 cents to $5.45 1/4, settling near session lows. May HRW futures sunk 12 1/4 cents to $5.63 1/4, settling on session lows. May HRS fell 7 1/4 cents to $6.27 1/2. Wheat futures trended lower throughout the session and are now challenging technical support as winter wheat conditions improved over winter dormancy.

Cotton: May cotton plummeted 195 points to 90.81 cents, near the session low. Cotton sellers returned today as spillover weakness stemmed from weakness across equities and broad selling across commodities.

Cattle: June live cattle rose $1.05 to $176.375, while nearby April futures rose $1.70 to $181.775. May feeders rallied $3.075 to $243.50. Nearby cattle futures recaptured a portion of Monday’s sharp losses, though buyers remained cautious as traders weigh information related to the highly pathogenic avian influenza (HPAI), which has infected several dairy herds across the country.

Hogs: June lean hog futures rallied 22.5 cents to $103.725, though settled well off intraday highs. Lean hog futures struggled to maintain early morning gains as profit-taking forced prices off intraday highs.