After the Bell | April 5, 2024
Corn: May corn futures fell 1 cent to $4.34 1/4 and lost 7 3/4 cents on the week. Corn futures failed to follow wheat to the upside today as technical resistance continues to loom over the market.
Soybeans: May soybeans rose a nickel to $11.85 but lost 6 1/2 cents on the week, while May soymeal fell 40 cents and gave up $4.60 week-over-week. Meanwhile, May soyoil gained 74 points on the day and 94 points on the week. Soybeans ended the week higher after carrying over last week’s selling earlier in the week, though overhead technicals and tepid export sales continue to limit an earnest move to the upside.
Wheat: May SRW wheat futures hit a five-week high today and closed up 11 cents at $5.67 1/4, near mid-range and for the week up 7 cents. May HRW rose 4 3/4 cents to $5.82 1/4, near mid-range and lost 3 cents on the week. May spring wheat rose 1 3/4 cents to $6.48 and gained 3 cents on the week. Today’s technically bullish weekly high closes in May winter wheat futures suggest there will be follow-through short-covering and perceived bargain-hunting buying interest early next week.
Cotton: May cotton slipped 89 cents to 86.25 cents and plummeted 513 points on the week. Nearby cotton futures slipped to more than a two-month low, extending below support at the 100-day moving average for the first time since mid-January.
Cattle: June live cattle futures plunged $3.80 to $172.05, nearer the session low, hitting a three-month low. For the week, June live cattle fell $8.20. May feeder cattle futures lost $5.70 at $238.175, nearer the daily low and hit a three-month low. For the week, May feeders dropped $8.625. Today’s downdraft in cattle futures prices that produced technically bearish weekly low closes sets the table for follow-through chart-based selling pressure early next week.
Hogs: The hog and pork complex continues climbing seasonally. The expiring April hog contract ended Friday having risen 97.5 cents to $89.325, while most-active June jumped $2.90 to $107.90. That represented a weekly advance of $6.45. The current situation seems very supportive of the spring hog outlook.
