After the Bell | December 15, 2023
Corn: March corn futures notched a 3 3/4 cent gain on a session, settling at $4.83, but fell 2 1/2 cents on the week. Corn futures reverse overnight losses on spillover strength from wheat, though continue to face downward technical selling pressure.
Soybeans: January soybeans rose 1 3/4 cents to $13.15 3/4 and gained 11 3/4 cents on the week. January soymeal rose $1.90 to $405.60 and rose 90 cents week over week, while January soyoil rose 48 points to 49.99 cents, but is down 21 points from a week ago. South American weather and technical woes continue to hover over the soy complex, as seven straight days of daily soybean sales and stronger-than-expected November crush, reported late-morning, failed to spur much buying action.
Wheat: March SRW wheat rose 13 1/3 cents at $6.29 1/4 and near the session high. For the week, March SRW fell 2 1/2 cents. March HRW wheat futures gained 6 1/4 cents to $6.42 3/4 and near the daily high. For the week, March HRW fell 18 1/4 cents. March spring wheat rose 13 1/2 cents to $7.30 3/4 and gained 1 1/4 cents on the week. The technically bullish weekly high close in March SRW wheat futures Friday sets the stage for some follow-through technical buying early next week.
Cotton: March cotton fell 88 points to 79.93 cents and gave up 151 points on the week. Cotton futures continue to be plagued by the 40-day moving average, which continues to limit bulls’ appetite for natural fiber, along with lackluster demand.
Cattle: February live cattle rose $1.425 to $169.35 and near the daily high. For the week, Feb. live cattle rose $3.625. January feeder cattle futures gained $1.55 to $220.90 and near the daily high. For the week, January feeders rose $5.60. It was a good week for the cattle futures bulls, including the technically bullish weekly high closes in February live cattle and January feeders today.
Hogs: After dipping in early trading, hog futures powered higher again Friday. Nearby February futures ended the week at $71.90, up $1.425 on the day and up $2.925 from last Friday. Hog traders have rather clearly become much more optimistic about the winter outlook than was the case a few days ago.
