After the Bell | August 9, 2023
Corn: December corn fell 4 1/2 cents to $4.94 1/4, ending near the session low. Corn futures continued to expand recent sideways consolidation as traders prepare for USDA’s updated supply and demand estimates on Friday, which will reflect the first survey-based estimates for corn and soybeans.
Soybeans: November soybeans rose 2 1/2 cents to $13.08 1/2 and nearer the session low. September soybean meal fell $5.60 at $412.70 and near the session low. Prices hit a three-week-low today. September bean oil rose 23 points to 64.21 cents and closed near mid-range. Soybeans saw slight gains today as Corn Belt weather forecasts for next week have turned warmer and drier.
Wheat: December SRW fell 19 3/4 cents to $6.61 3/4, settling near the session low. December HRW fell 5 1/2 cents before settling at $7.76, nearer the session low. December spring wheat closed 10 cents lower at $8.35 1/2. Mild corrective selling which started the week ran out of steam as wheat futures faced stiff losses Wednesday.
Cotton: December cotton rose 15 points to 85.35 and closed nearer the session high. Consolidative price action continues this week, ahead of Friday’s monthly USDA supply and demand report and a fresh estimate on U.S. cotton production.
Cattle: Expiring August live cattle futures rose 87.5 cents to $180.575 Wednesday, while most-active October gained 80 cents to $181.70. October feeder futures advanced 92.5 cents to $252.15. Cash cattle trading seemingly remained at a standstill Wednesday, but sustained beef firmness supported cattle futures.
Hogs: October lean hogs led the complex lower, falling $3 to $81.575. Meanwhile, expiring August futures fell 45 cents to $101.65. Lean hog futures fell under pressure throughout the session as the cash market continues to erode.
