After the Bell | April 16, 2024
Corn: May corn futures dipped 1/2 cent to $4.31 and near mid-range. The corn futures market continues to languish in sideways trading at lower price levels, which the bulls are hoping is “basing” action that will soon confirm a market bottom is in place.
Soybeans: May soybeans fell 13 1/4 cents to $11.45, while May soymeal fell $3.20 to $335.30. Both ended near session lows. May soyoil fell 56 points to 44.91 cents, the lowest close since Feb. 23. Monday’s selling carried over into the overnight session, which commenced with a gap lower amid technical pressure and eventually pushed the nearby contract to a more than one-month low in early trade today.
Wheat: May SRW futures fell 2 cents to $5.49 3/4, settling near the mid-point of today’s range. May HRW futures rose 3 1/2 cents to $5.87 1/2, nearer session highs. May HRS futures closed up 1 1/4 cents at $6.38 1/4. Winter wheat futures traded on both sides of unchanged as condition reports weighed on the market.
Cotton: May cotton fell 164 points to 81.29 cents, while the most-active July contract plunged 206 points to 83.09 cents, marking a 3-month low close. Cotton futures dove to a near four-month low as technical pressure continued to hover over prices along with minimal outside market support.
Cattle: June live cattle futures surged $1.90 to $175.725, settling on session highs. Nearby April futures rallied $1.20 to $181.50. May feeders surged $2.975 to $240.975. Cattle futures saw corrective buying for the second consecutive session, though gains remained limited by technical resistance.
Hogs: June lean hogs closed up 37 1/2 cents at $102.825 though closed nearer the session low. The lean hog futures bulls have so far this week stabilized the market, following last week’s sharp sell-off.
