After the Bell | February 1, 2024
Corn: March corn fell 1 cent to $4.47 1/4 and finished near the session high. Corn futures succumbed to pressure stemming from losses in the soy complex, though losses were limited as the nearby contract held an inside day.
Soybeans: March soybeans dropped 19 cents to $12.03 1/4, settling nearer session lows. March meal futures sunk $6.6 to $361.7, nearer session lows. March bean oil closed 42 points lower at 45.60 cents. Soybeans saw heavy selling as prices failed to overcome initial technical resistance, with poor export sales adding fuel to bears’ momentum.
Wheat: March SRW wheat rose 6 1/4 cents to $6.01 1/2. March HRW wheat closed down 1 1/4 cents at $6.20 3/4. Prices closed nearer the session highs today. March spring wheat rose 3 3/4 cents to $6.96. Winter wheat futures put in a mixed performance today.
Cotton: March cotton futures surged 132 points to 86.49 cents, marking the highest close since October 13. Cotton futures surged to fresh for-the-move highs, supported by continued robust export sales.
Cattle: April live cattle rose $2.475 to $183.175, near the session high and hit a nearly three-month high. March feeder cattle closed up $4.725 at $244.875, nearer the session high and hit a 3.5-month high. The cattle futures markets were supported today by a bullish government report on cattle supplies and by technical buying amid firmly bullish charts.
Hogs: Hog futures set back from midweek highs. Nearby February slid 55 cents to $75.80, while most-active April fell $1.075 to $83.75. After having broken out to the upside on January 23, April hog futures had posted gains for six consecutive sessions before settling slightly lower yesterday.
