After the Bell | August 18, 2023
Corn: December corn futures rose 7 1/4 cents before settling at $4.93, marking a 5 3/4 cent rise on the week. Corn futures ended the week strong despite a lackluster start to the week, testing the first level of meaningful resistance, pressuring bulls to follow through on Monday to confirm an interim low is in place.
Soybeans: November soybeans rose 23 1/4 cents to $13.53 1/4, closing above the 200-, 20- and 40-day moving averages and gaining 45 3/4 cents on the week. September meal rose $4.30 to $403.90, losing $6.40 week-over-week. September soyoil rose 53 points to 68.29 cents and gained 416 points on the week. Soybean futures notched solid gains to end the week, with the November contract gaining an improved technical posture through a close above the 200-day moving average.
Wheat: December SRW wheat futures rose 23 3/4 cents to $6.39 and nearer the session high. For the week, prices lost 14 3/4 cents. December HRW wheat futures gained 19 1/4 cents to $7.60 3/4, near the session high and fell 5 1/4 cents on the week. December spring wheat rose 14 1/4 cents to $8.17 3/4 but lost 12 1/2 cents week-over-week. The wheat futures markets today saw short covering from recent selling pressure and were also supported by higher corn and soybean futures prices.
Cotton: December cotton rose 4 points to 83.65 cents but lost 424 points week-over-week. December cotton futures ended the week mostly unchanged following four consecutive days of heavy selling.
Cattle: Expiring August live cattle futures rose 47.5 cents to $178.525 Friday, while most-active October rose 50 cents to $178.825. That closing price marked a weekly decline of $2.50. Expiring August feeder futures surged $1.30 to $245.575, with the October contract gaining $1.37.5 to $250.70. The latter close represented a weekly loss of $2.175. Packers and bears retained the upper hand in cash and futures trading of fed cattle this week after strong futures selling last Friday persuaded feedyard managers to take lower bids late last week.
Hogs: October lean hog futures rose $2.975 to $82.125, near the session high and up 80 cents on the week. The lean hog futures bulls produced a big “save” late this week, after prices hit a six-week low on Wednesday.
