After the Bell | February 13, 2024
Corn: March corn futures rose 1/4 cent to $4.30 3/4 and near mid-range. Prices Monday hit a contract low. The corn futures market continues to languish in a price downtrend.
Soybeans: March soybeans fell 6 3/4 cents to $11.86 1/4, while March soymeal fell $4.10 to $344.80. Both notched low-range closes. March soyoil rose 40 points to 47.30 cents. Soybean futures favored the downside today, though nearby March futures held an inside day in consolidative trade.
Wheat: March SRW futures settled unchanged on the day at $5.97 1/2, though deferred contracts closed lower. March HRW futures slipped 4 1/4 cents to $5.94 1/2. March spring wheat fell 10 3/4 cents to $6.71 3/4. Wheat futures continue to lack much direction as choppy, sideways trade continues.
Cotton: March cotton rose 99 points to 91.52 cents, a near mid-range close, while December cotton rose 31 points to 83.61 cents. March cotton reached a fresh near-term high amid continued buying following mild profit-taking on Monday.
Cattle: April live cattle futures dropped 82.5 cents to $185.10, while nearby February futures slid 50 cents to $183.75. March feeder futures slipped 82.5 cents to $248.00. Cattle futures continued to face profit-taking, though losses remain minimal as prices continue to grind higher on the daily bar chart. Cash cattle trade has yet to take place this week and will likely be pushed into the latter half of the week once again.
Hogs: April lean hogs fell 5 cents to $81.075 and settled near mid-range. The lean hog futures market today saw limited buying interest due to a “risk-off” day in the general marketplace following a warmer-than-expected consumer price index report for January.
