After the Bell | December 22, 2023
Corn: March corn futures closed 1/2 cent higher to $4.73, though they lost 10 cents on the week. Corn futures traded in a tight range throughout the session, ultimately trading most of the day near unchanged.
Soybeans: March soybean futures rallied 4 1/2 cents to $13.06 1/4, marking a 25 1/4-cent loss on the week. Nearby January futures rose 2 1/2 cents to $12.99 3/4. March meal futures rose $4.70 to $391.1, losing $5.50 on the week. March bean oil futures dropped 31 points to 49.02 cents, losing 113 points on the week. March soybeans saw corrective buying ahead of the holiday weekend, but efforts did little to break the recent bearish trend.
Wheat: March SRW wheat futures rose 3 3/4 cents to $6.16 1/4 and nearer the session high. For the week, March SRW fell 13 cents. March HRW wheat futures fell 3 3/4 cents to $6.23 and nearer the session low. On the week, March HRW lost 19 3/4 cents. Spring wheat futures closed steady on the session at $7.14 1/4, though lost 16 1/2 cents on the week. It was a quieter trading session in the grain markets today as traders focused on the upcoming holiday season.
Cotton: Cotton bulls couldn’t sustain the mid-morning surge to a one-week high but did manage a significant daily advance. March futures rallied 63 points to close at 79.76 cents/pound. That marked a weekly decline of 17 points. As has seemed rather common lately, Friday’s cotton advance seemed to track a similar move in Chinese cotton futures.
Cattle: February live cattle futures fell 15 cents to $168.525 and near mid-range. On the week, Feb. cattle fell 82 1/2 cents. March feeder cattle futures closed up $1.025 at $224.40 and nearer the session high. For the week, March feeders rose $2.225. Feeder cattle futures continue to lead on any daily strength in the cattle markets.
Hogs: Nearby February futures lead the hog market higher Friday. It climbed 70 cents to $71.35; the close marked a weekly decline of 55 cents. Traders apparently remain confident about the short-term hog outlook, as indicated by the strong February futures close and the latest quotes for the CME Lean Hog Index.
