After the Bell | April 15, 2024
Corn: May corn fell 4 cents to $4.31 1/2, ending the session below the 10- and 40-day moving averages. Corn futures faced pressure to start the week as crude oil toppled and selling across the soy complex cast a combined shadow over prices amid a general risk-off tone given rising geopolitical tensions.
Soybeans: May soybeans dropped 15 3/4 cents to $11.58 1/4, settling nearer the session low. May meal futures sunk $5.90 to $338.50, closing near session lows. May bean oil skid 42 points to 45.47 cents. Soybean futures extended overnight losses throughout today’s session, negating all of Friday’s rally.
Wheat: May SRW wheat fell 4 1/4 cents at $5.51 3/4 and near mid-range. May HRW wheat lost 5 3/4 cents at $5.84. May spring wheat futures sunk 5 3/4 cents to $6.37. The wheat futures markets today saw selling pressure from a “risk-off” environment in the general marketplace following the weekend Iranian air strikes against Israel.
Cotton: May cotton rose 31 points to 82.93 cents and closed near the session low. Cotton futures faced corrective buying to start the week, with the nearby contract notching gains for the first session in six.
Cattle: June live cattle closed up $2.35 at $173.825 and near mid-range. May feeder cattle rose $3.80 to $238.00 and nearer the session high. The cattle futures markets today saw short covering and some perceived bargain hunting after recent losses.
Hogs: June lean hog futures rallied 37.5 cents to $102.45, settling nearer the session high. Nearby May futures rose 45 cents to $94.325. Lean hog futures saw limited volatility today, despite a limit close lower last Friday.
