After the Bell | August 29, 2023
Corn: December corn futures closed down 9 1/2 cents at $4.86 3/4 today and nearer the session low. The corn futures market got a bearish surprise with Monday afternoon’s weekly USDA crop progress reports.
Soybeans: November soybeans fell 13 1/4 cents as late session selling pressure brought prices down to $13.92 1/2. September soymeal fell $6.40 and settled near session lows at $419.3. September soyoil fell 34 points and settled at $66.56 cents. Soybeans gapped lower overnight on stronger than expected crop conditions, price then rallied through much of the session but faced increased selling pressure into new lows on the close.
Wheat: December SRW wheat fell 16 1/2 cents to $6.00 1/2 today and near the session low. Prices hit a contract low. December HRW wheat closed down 20 1/2 cents at $7.29 1/4. Prices closed near the session low and hit a 21-month low. December spring wheat futures fell 5 3/4 cents to $7.85 3/4, despite showing relative strength most of the session. Technical selling pressure amid fully bearish charts was featured in the winter wheat futures markets today.
Cotton: December cotton futures rose 2 points to 86.89 cents. Cotton futures pivoted around unchanged and remained in yesterday’s trading range as price continues to consolidate following last week’s run higher.
Cattle: Sustained wholesale firmness seemed to support the cattle complex Tuesday. The expiring August live cattle contract rose 30 cents to $181.00, while October futures slipped 7.5 cents to $181.475. The August feeder contract, which joins the live cattle contract in expiring at noon Thursday, rose 45 cents to $250.70, whereas the October contract dipped 27.5 to $256.75. The cattle and beef situation remains extremely tight, as best exemplified by cattle slaughter averaging 6.8% below year-ago levels since early July.
Hogs: Seasonal factors continue weighing on the hog and pork complex. Nearby October hog futures fell $1.125 to $80.725 Tuesday. The usual factors weighing on hog and pork prices at this time of year are exerting strong downward pressure.
