After the Bell | August 3, 2023
Corn: December corn futures fell under pressure despite early session strength, settling 7 cents lower at $4.93 1/2. Corn futures fell for the eighth straight session and traded at the lowest level since the second week of July.
Soybeans: November soybeans rose 4 cents to $13.25 1/4 but ended nearer the session low. September soymeal rose $3.20 to $427.10, while September soyoil fell 62 points to 64.04 cents. Soybean futures were able to shake off a portion of Wednesday’s losses, as meal strength led the complex higher.
Wheat: December SRW wheat fell 12 1/4 cents to $6.55, nearer the session low and hit a three-week low. December HRW wheat dropped 19 cents to $7.82. Prices closed near the session low and hit a six-week low. December spring wheat fell 14 3/4 cents to $8.47 1/2. Technical selling and pressure from ideas Ukrainian grain will flow out of that country via land routes hit the wheat futures markets again today.
Cotton: December cotton rose 11 points to 84.70 cents after trading the lowest level since July 21. December cotton futures recovered from Wednesday’s and a two-week low notched in overnight trade amid notable strength in crude oil futures and weakness in the U.S. dollar.
Cattle: October live cattle rose 80 cents to $181.30. October feeder cattle gained $1.575 to $253.425. Prices closed near their session highs. Solid underlying cash market fundamentals continue to buoy the futures markets, including good demand for beef at the meat counter and still-tight supplies of market-ready cattle.
Hogs: Hog futures dropped despite cash and wholesale market firmness. Expiring August futures slid $1.675 to $101.00, while most-active October dove $2.825 to $82.05. Despite widespread expectations of a looming downturn in cash hog and wholesale pork values, those markets exhibited considerable firmness Thursday morning.
