After the Bell | April 3, 2024
Corn: May corn futures rose 5 1/4 cents to $4.31 3/4 and nearer the session high. Corn futures posted mild corrective gains but spent the session within Tuesday’s lower range as overhead technicals limited heftier buying.
Soybeans: May soybeans rose 8 1/4 cents to $11.82 1/4, nearer the session high after hitting a three-week low early on. May soybean meal gained $1.70 at $330.00, nearer the session high and hit a four-week low early on. May bean oil closed up 25 points at 48.85 cents and near mid-range. The soybean and meal futures markets early on today faced some chart-based selling pressure as the near-term technical postures for both markets lean bearish.
Wheat: May SRW wheat rose 10 3/4 cents to $5.56, while HRW rallied 17 1/4 cents to $5.80 1/2. Each closed near session highs. May HRS closed up 12 cents at 6.39 1/2. Wheat futures moved correctively higher, with notable pressure in the U.S. dollar lending support, though overhead technicals curbed momentum.
Cotton: May cotton fell 183 points to 88.98 cents, near the session low and hit a near two-month low. The cotton futures market today was pressured by chart-based selling and worries about demand for U.S. cotton coming from China.
Cattle: After dipping to fresh two-month lows, nearby fed cattle future ended Wednesday slightly above the midpoint of the daily range. Nearby April cattle sank 85 cents to $180.925, while most-active June sagged 77.5 cents to $175.60. Feeders remained under downward pressure, with the expiring April contract dropping $2.55 to $240.95 and May falling $2.275 to $252.575. Cattle market news maintained its generally bearish bias Wednesday morning.
Hogs: June lean hog futures surged $1.025 to $104.75, while nearby April futures jumped $1.425 to $87.975. Lean hog futures surged higher Wednesday, building on cash fundamental strength.
