After the Bell | December 27, 2023
Corn: March corn fell 3 3/4 cents to $4.76 1/2; a low-range close. Corn futures took back a portion of Tuesday’s gains as technical pressure from the 20-day moving average curbed buying along with spillover weakness from SRW wheat and crude oil futures.
Soybeans: March soybean futures rallied 1 1/2 cents to $13.20 1/2, despite trading lower most of the session. March soybean meal dropped $2.10 to $393.80, settling near the session’s midpoint. March soyoil rose 15 points to 48.66 cents. Soybean futures showed relative strength to the flailing wheat and corn markets, following through on Tuesday’s gains.
Wheat: March SRW fell 13 1/4 cents to $6.23, ending low range, while March HRW fell 7 3/4 cents to $6.35. March spring wheat ended 7 1/2 lower at $7.21 3/4. SRW wheat futures faced mild profit-taking following the largest daily gain since Nov. 8 on Tuesday.
Cotton: March cotton futures rallied 48 points before ending the day at 80.53 cents. Cotton futures edged higher for the third straight session but continue to trade largely sideways near the 80-cent mark.
Cattle: February live cattle futures dropped $1.125 to $169.275, while January feeder cattle futures rallied 92.5 cents to $224.475. Live cattle futures saw steady selling throughout the session. A lack of bullish fundamental support undercut futures on Wednesday, with technical resistance limiting gains early and reversing the market lower.
Hogs: February lean hogs rose 57.5 cents to $69.875, closing near the session high. A gap lower started today’s session following Tuesday’s sharp losses, though a mild rebound ensued following a test of initial support for the first time since Dec. 14.
