After the Bell | April 9, 2024
Corn: May corn futures closed down 4 1/4 cents at $4.31 1/4 and near the session low. Corn futures faced some technical selling pressure today amid charts that are still near-term bearish, overall.
Soybeans: May soybeans fell 7 cents to $11.74 1/2, closing below the 40-day moving average, while May soymeal closed 40 cents lower at $335.60. May soyoil fell 38 points to 47.52 cents, marking the lowest close in nearly a month. Soybean futures edged lower on followthrough selling amid looming technical pressure, though, some light corrective buying in soymeal lent some support.
Wheat: May SRW futures closed 8 cents lower at $5.57 3/4. May HRW futures dropped 8 cents as well to $5.77 1/4, though settled off session lows. May HRS futures showed relative strength, rising a penny to $6.51 1/4. Wheat futures traded solidly lower throughout the session but was able to rebound from overnight weakness a bit, as prices continue to chop higher on a longer-term basis.
Cotton: May cotton slid 61 cents to 86.04 cents and marked the lowest close since Jan. 29. Nearby cotton futures favored the downside in relatively narrow trade following Monday’s attempt to move above the 100-day moving average.
Cattle: June live cattle futures surged $1.525 higher to $174.85, settling nearer session highs. Nearby April futures rose $1.30 to $180.70. May feeder cattle futures leapt $2.275 to $239.45. Live cattle and feeder futures saw continued corrective buying today, narrowing the gap between nearby futures and the cash market.
Hogs: June lean hogs closed up 65 cents at $108.575 and nearer the session high. Prices hit another contract high today. Technical-based speculator buying interest was featured today amid fully bullish near-term charts.
