After the Bell | April 23, 2024
Corn: July corn futures rose 2 3/4 cents to $4.52 1/2 and near the session high. Prices hit a three-week high today. The corn futures market saw more short covering and perceived bargain-hunting buying interest today.
Soybeans: May soybeans rose 6 1/2 cents to $11.67 1/2, ending near the session high, while May soymeal rose 90 cents to $345.20. May soyoil closed 27 points higher at 45.31 cents, forging a high-range close. Soybeans extended short-covering gains for the third straight session, a feat that’s not occurred since the end of December.
Wheat: May SRW futures surged 14 3/4 cents higher to $5.85 and marked the highest close since Feb. 13. May HRW futures jumped 11 1/4 cents to $6.08 3/4, ending the session above the 100-day moving average for the first time in over 8 1/2 months. May spring wheat rose 10 3/4 cents to $6.66 1/2. Winter wheat futures closed higher for the fourth consecutive session, driven by worsening conditions across HRW acres, as soil moisture continues to wane, and little relief is forecast.
Cotton: July cotton fell 70 points to 81.72 cents, marking a near mid-range close. Cotton futures ran out of steam in typical turnaround Tuesday fashion, despite notable outside market support.
Cattle: June live cattle futures fell 90 cents to $177.15, though settled nearer session highs. May feeder cattle futures rallied 87.5 cents to $246.05. Live cattle futures closed the gap from Monday’s higher open, though closed well off session lows.
Hogs: June lean hogs rose $2.45 at $107.95 and nearer the session high. The lean hog futures market bulls are right back in business after three straight days of good gains that puts prices within easy striking distance of the early-April contract high.
