After the Bell | August 28, 2023
Corn: December corn futures gapped higher and closed 8 1/4 cents higher at $4.96 1/4. Corn futures saw strength today as production concerns are entering the forefront of traders’ minds.
Soybeans: November soybeans led the complex higher, rising 18 cents before settling at $14.05 3/4. September soybean meal rose $2.90 and settled at $425.7. September soyoil rallied 17 points before setline at 66.90 cents. Soybean futures gapped higher in last night’s open and saw sustained strength throughout the session, though struggled against psychological $14.00 resistance.
Wheat: December SRW wheat fell 4 3/4 cents to $6.17 and nearer the session low. December HRW wheat closed down 14 3/4 cents to $7.49 3/4 and nearer the session low. December spring wheat futures fell 10 1/2 cents to $7.91 1/2. The wheat futures bulls were again disappointed their markets could not find any strength amid a rally in corn and soybean futures markets today.
Cotton: December cotton futures fell 44 points before settling at 86.87 cents, near the mid-point of today’s range. Cotton futures succumbed to selling pressure in the latter half of the session after rejecting off the prior high close.
Cattle: October live cattle rose 37 1/2 cents to $181.55 and near mid-range. Prices hit a two-week high today. October feeder cattle gained $3.05 to $257.025. Prices closed nearer the session high and hit a contract high. Technical buying was featured in the cattle futures markets today as both feeder and live cattle charts fully favor the bullish camps at present.
Hogs: October lean hogs rose $2.025 at $81.85 and near the session high. The hog futures market was lifted in part by gains in the cattle futures markets and a solid rise in pork cutout value at midday.
