After the Bell | December 18, 2023
Corn: March corn futures dropped 6 cents to $4.77 and settled nearer session lows. Corn futures traded sharply lower following this morning’s open despite growing concerns over Brazilian safrinha acres.
Soybeans: January soybean futures led the complex higher, closing 11 1/4 cents higher to $13.27. January meal futures settled $7.2 higher to $412.8, near session highs. January bean oil futures rallied 65 points to 50.64 cents. Soybean futures continue to trend higher from the early December low, though uncertainty surrounding the Brazilian crop continues to leak volatility into the market.
Wheat: March SRW wheat closed down 12 1/4 cents at $6.17 and near the session low. March HRW wheat fell 15 cents to $6.27 3/4, near the session low and hit a two-week low today. Spring wheat futures dropped 9 1/4 cents to $7.21 1/2. “Rain in the Plains makes grain” was the winter wheat futures traders’ bearish mantra to start the trading week.
Cotton: March cotton closed down 83 points at 79.10 cents and near the session low. Technical selling was featured in the cotton futures market today as the chart-based bears have gained momentum by producing three consecutive lower and low-range daily closes.
Cattle: February live cattle rose 27 1/2 cents to $169.625 though settled near the session low. Prices hit a two-week high early on. January feeder cattle closed up $2.275 at $223.175, near mid-range today and hit a three-week high early on. Feeder cattle led the price strength in the cattle futures markets today, helped out by a drop in corn futures prices to start the trading week.
Hogs: February lean futures led the complex lower, falling 32.5 cents to $71.575. Lean hog futures slipped despite trading on both sides of unchanged, as seasonal weakness continues to weigh on prices.
