After the Bell | August 10, 2023
Corn: December corn futures rose 2 cents to $4.96 1/4, ending nearer the intraday high. Corn futures saw slight corrective buying but remain limited to the same range for the sixth straight day as trader’s position ahead of Friday’s Crop Production and Supply and Demand reports.
Soybeans: November soybeans rose 9 3/4 cents to $13.18 1/4, a mid-range close, while September meal rose $2.30 to $415.00. September soyoil fell 3 points to 64.18 cents. November soybean futures posted additional followthrough gains, but a weak technical posture halted gains as traders remain cautious ahead of tomorrow’s supply and demand updates.
Wheat: December SRW wheat rose 2 cents to $6.63 3/4. December HRW wheat gained 3 1/4 cents to $7.79 1/4. December spring wheat fell 2 1/4 cents to $8.33 1/4. Prices closed nearer their session lows. The wheat futures markets today saw more choppy and consolidative trade, with position evening featured, ahead of Friday morning’s monthly USDA supply and demand report.
Cotton: December cotton rose 80 points to 86.15 cents, marking the highest close since July 26. December cotton futures notched solid gains amid U.S. dollar weakness and an increase in export sales.
Cattle: October live cattle rose 82 1/2 cents to $182.525 and nearer the session high. October feeder cattle gained $1.175 at $253.325 and near mid-range. Technical buying was featured in the cattle futures markets today, as live and feeder contracts remain in price uptrends and are near their recent highs.
Hogs: Expiring August lean hog futures edged up 7.5 cents to $101.725 Thursday, while most-active October fell $1.25 to $80.325. Bearish expectations continued dominating hog futures Thursday despite stable cash prices and a big midsession bounce in wholesale values.
