After the Bell | August 17, 2023
Corn: December corn futures rallied 4 1/4 cents, settling at $4.85 3/4, nearer the session high. Corn prices continued yesterday’s corrective bounce, fueled by the forecast of upcoming hot and dry weather.
Soybeans: November soybeans rose 6 1/2 cents to $13.30, a near mid-range close after marking the highest intraday price since Aug. 4. Meanwhile, September soymeal fell $4.90 to $399.60, the lowest close since July 7, while September soyoil rose 109 points to 65.50 cents, a high-range close. Soybean futures edged higher for the second straight session as forecasts of hot, dry weather through the end of August is ramping up production concerns, while new-crop export sales data helped the November contract extend above technical resistance at the 200-day moving average.
Wheat: December SRW wheat fell 7 3/4 cents to $6.15 1/4 and near mid-range. Prices hit another 2.5-month low today. December HRW wheat lost 11 cents at $7.41 1/2 and nearer the session low. December spring wheat fell 2 3/4 cents to $8.03 1/2. Technical selling was featured in the wheat futures markets today as the daily charts look terrible.
Cotton: December cotton fell 111 points to 83.61 cents, the lowest close since July 18. December cotton futures were walloped for the fourth straight session despite mostly supportive outside markets, though weekly export sales data is proving the new marketing-year is off to a rocky start.
Cattle: October live cattle fell 95 cents to $178.325 and posted a six-week-low close. October feeder cattle lost $1.65 at $249.325 and hit a three-week low. The cattle futures markets saw profit-taking pressure and chart-based selling today.
Hogs: Hog futures rebounded from recent losses, with the nearby October contract posting a 97.5-cent advance to $79.15. Hog traders seemingly decided they had gotten ahead of the market with recent selling Thursday.
