After the Bell | December 20, 2023
Corn: March corn futures fell 3 cents before settling at $4.69 3/4. Corn futures fell for the third straight session to a fresh contract low as technical selling overcame the market.
Soybeans: March soybeans fell 6 3/4 cents to $13.15 3/4, nearer the session low and hit a seven-week low. March soybean meal dropped $3.70 to $388.70, nearer the session low and hit a two-month low. March bean oil closed down 8 points at 50.76 cents and near mid-range. The soybean complex fell victim today to a bearish near-term weather outlook for South American soybean-growing regions.
Wheat: March SRW futures slipped 12 3/4 cents before settling at $6.10, near session lows. March HRW futures dropped 16 1/2 cents to $6.25, near session lows. Spring wheat futures slipped 10 1/4 cents to $7.18. Wheat futures continue to see choppy price action, with days often alternating between heavy losses and staunch gains, with the market favoring the downside today.
Cotton: March cotton fell 25 points to 79.21 cents and nearer the session low. Cotton futures today saw modest selling pressure from technical traders as the overall near-term chart posture for the market remains bearish.
Cattle: Continued talk of firming cash prices seemed to boost cattle futures Wednesday. Expiring December live cattle futures climbed $1.575 to $170.025, while most-active February gained $1.525 to $170.30. January feeder futures surged $2.15 to $224.05, with the deferred contracts posting even larger advances. Cattle futures slipped earlier in the week despite talk of firming cash prices this in the days just ahead.
Hogs: Hog futures dipped Wednesday, with the drop taking some of the premium out of the 2024 contracts. Nearby February slid 32.5 cents to $70.225. The hog and pork complex seemingly remain under seasonal pressure as hog and pork supplies hover around annual highs, whereas pork demand is uncertain with grocers likely having completed all their purchases for planned year-end holiday features.
