After the Bell | August 16, 2023
Corn: December corn rose 6 cents to $4.81 1/2, notching a high-range close after posting the lowest intraday price since Sept. 2021. Corn futures were able to rally from overnight lows, with strength stemming from the soy complex as traders shift their focus to forecasts of hot, dry weather.
Soybeans: November soybeans rose 18 1/4 cents at $13.23 1/2 and nearer the session high. September soybean meal gained $0.70 at $404.50 and near mid-range. September bean oil closed up 87 points at 66.77 cents, nearer the session high and hit a three-week high. Soybeans and soybean meal futures saw short covering and corrective bounces today following Tuesday’s losses.
Wheat: December SRW futures ended the day 3/4 cent lower at $6.23, despite trading higher earlier in the session. December HRW futures rallied 7 cents before closing at $7.52 1/2. December spring wheat rose 4 1/2 cents to $8.06 1/4. Wheat futures saw corrective gains most of the session, though gains were pared toward the end of the session as corn and soybean counterparts encountered resistance.
Cotton: December cotton fell 38 points to 84.72 cents and nearer the session low. The cotton futures market is getting hit hard this week by a bevy of bearish elements, including risk-off attitudes in the general marketplace, heading into what can be the historically turbulent months of September and October for the stock and financial markets.
Cattle: Expiring August live cattle futures slipped 32.5 cents to $178.775 Wednesday, while the most-active October contract dipped 70 cents to $179.275. The expiring August feeder contracts fell 50 cents to $245.375, while October feeders dropped 57.5 cents to $250.975. The bifurcated nature of the cash cattle market between elevated northern prices and substantially lower southern quotes has persisted early this week.
Hogs: October lean hog futures ended the day roughly flat, skidding 2.5 cents to $78.175 after trading in a narrow range. Bulls showed some signs of life upon this morning’s open, but selling pressure continued and pared gains amidst a deteriorating cash market.
