After the Bell | August 8, 2023
Corn: December corn futures rose 3 cents to $4.98 3/4 today, ending nearer the session high. The corn futures market saw short covering today, but the modest gains were nonetheless impressive given solid gains in the U.S. dollar index, downbeat economic data coming out of China and better corn crop condition ratings.
Soybeans: November soybeans rose 4 cents to $13.06 after testing the 100-day moving average for the first time since June 30. September soymeal fell 90 cents to $418.30, while September soyoil fell 10 points to 63.98 cents. Soybean futures managed to rebound from overnight weakness following better-than-expected readings in USDA’s crop ratings, in the wake of improving weather conditions across the Midwest.
Wheat: December SRW wheat closed up 1/2 cent at $6.81 1/2 and nearer the session high. December HRW wheat fell 3/4 cent to $7.81 1/2, a mid-range close. December spring wheat rose 5 cents to $8.45 1/2. Firmer corn and soybean futures prices today limited selling interest in the wheat markets, but a solid rally in the U.S. dollar index and dour economic news coming out of China kept the wheat bulls very timid.
Cotton: December cotton fell 14 points to 85.20 cents, marking a high-range close. Notable U.S. dollar strength triggered a mild retreat in cotton futures, though persisting weather concerns in Texas and technical support limited losses.
Cattle: October live cattle fell 52.5 cents before settling at $180.9, near the mid-point of today’s session. October feeder cattle led the complex lower, falling $1.675 before settling at $251.225, though it closed well off intraday lows. Live cattle futures succumbed to selling pressure for the second straight day as price consolidates following last week’s rally, though price remains within spitting distance of contract highs as the fundamental situation remains bullish.
Hogs: Expiring August hog futures rose 57.5 cents to $102.10 Tuesday, while most-active October slid 25 cents to $84.575, posting a midrange close. Although the traditional late summer surge in hog supplies, as well as diminishing pork demand, are looming large at this point, hog futures remain well supported.
