After the Bell | December 7, 2023
Corn: Corn futures finished high range with gains of 3 to 4 cents. March corn ended 3 3/4 cents higher at $4.88, while December 2024 futures gained 3 1/4 cents to $5.13 1/4. Corn futures regained much of Wednesday’s losses amid corrective buying, with support coming from strong weekly export sales, broad strength across the grain and soy complex and supportive outside markets.
Soybeans: January soybeans rallied 16 1/4 cents to $13.11 3/4 after notching the lowest level since Oct. 12 in early overnight trade. January meal fell $1.70 to $406.80, while January soyoil rose 179 points to 51.13 cents. A mid-morning rally in soybean futures, led by corrective gains in soyoil following a six-day selloff, had ample power to seize back losses over the past two sessions.
Wheat: March SRW rose 8 3/4 cents to $6.42 1/4 and has rallied 80 1/4 cents since Nov. 28. March HRW rose 11 1/2 cents to $6.67 1/2, closing just shy of the session high, while March spring wheat rose 6 3/4 cents to $7.37 1/4. The SRW wheat rally extended for the eighth straight session despite a late-session overnight selloff and a 5 3/4 cent gap lower at this morning’s open.
Cotton: March cotton rose 284 points to 82.59 cents, the highest close since Oct. 31. March cotton bulls were able to bust out of the recent consolidation range to a five-week high, in a solid technical takeover following friendly weekly export sales data.
Cattle: Bulls couldn’t sustain early Thursday strength in cattle and feeder futures. The expiring December live cattle contract ended the day at $162.35, down $1.10 on the day. Most-active February cattle dropped $1.025 to $162.525, whereas January feeder futures departed from the general decline by posting a 12.5-cent rise to $210.275. Sustained cash market weakness and sliding wholesale values seemingly undercut the cattle and feeder complex Thursday.
Hogs: Continued seasonal weakness again weighed on hog futures Thursday, with the expiring December contract closing unchanged at $67.55 and most-active February tumbling $1.525 to $67.775. Hog traders are seeing little reason for optimism about the hog and pork outlook at this juncture.
