After the Bell | December 21, 2023
Corn: March corn futures rallied 2 3/4 cents before settling at $4.72 1/2. Corn futures saw corrective buying today, bringing prices off Wednesday’s fresh contract low.
Soybeans: March soybean futures fell 14 cents to $13.01 3/4, while nearby January futures dropped 11 cents to $12.97 1/4. Both settled nearer session lows. March soy meal futures dropped $2.30 to $386.4. March soyoil saw heavy selling before closing 143 points lower at 49.33 cents. Soybeans continue to fall under extensive weakness as the weather forecast turns more favorable for the Brazilian crop.
Wheat: March SRW wheat rose 2 1/2 cents to $6.12 1/2 and near mid-range. March HRW wheat closed up 1 3/4 cents at $6.26 3/4, near mid-range though hit a two-week low early on. Spring wheat futures saw relative weakness, falling 3 3/4 cents to $7.14 1/4. The winter wheat futures markets today saw mild corrective rebounds and tepid short covering following recent selling pressure.
Cotton: Concerns about export demand strength still seem to be worrying the cotton market, with the nearby March contract dipping 8 points to 79.13 cents per pound. The weekly USDA Export Sales report apparently disappointed cotton traders this morning, as indicated by the subsequent price slippage.
Cattle: February live cattle fell $1.625 to $168.675 and near the session low. March feeder cattle closed down $2.375 at $223.375, near the session, although it hit a four-week high early on. The live and feeder cattle futures markets today saw routine corrective price pullbacks following recent good gains.
Hogs: The nearby hog contracts rose modestly Thursday, with February futures advancing 42.5 cents to $70.65, while deferred futures posted moderate losses. The hog index has apparently stabilized, with today’s quote and the preliminary calculation for Friday both posting moderate gains.
