After the Bell | February 20, 2024
Corn: March corn futures closed up 2 1/4 cents at $4.18 3/4, nearer the session high. The corn futures market saw short covering after hitting contract lows last week.
Soybeans: March soybeans rose 6 3/4 cents to $11.79, while March soymeal rose $2.00 to $347.60, both closed near the session low. March soyoil fell 18 points to 45.41 cents. March soybean futures gapped higher overnight but faced pressure from extended selling in soyoil and looming technical headwinds.
Wheat: May SRW wheat closed up 20 1/4 cents at $5.79 1/4 and nearer the session high. Prices hit a contract low early on today. May HRW wheat rose 19 1/2 cents at $5.81, nearer the session high. Prices hit a contract low last Friday. May spring wheat rose 10 cents to $6.65 1/2. The winter wheat futures markets today saw solid short-covering rebounds from recent selling pressure.
Cotton: March cotton fell 268 points to 91.19 cents, forging the lowest close in over a week. Cotton futures extended Friday’s corrective selling, with pressure stemming from weakness across equities and crude oil futures, though extended weakness in the U.S. dollar likely limited the downside.
Cattle: April live cattle futures fell 22.5 cents to $187.325, though deferred contracts saw slight gains. Nearby February futures fell 37.5 cents to $184.40. March feeder futures rose 35 cents to $251.375, though deferred contracts surged, as the April contract rallied $2.00 to $255.55. Cattle futures traded on both sides of unchanged, facing volatility alongside most of the general marketplace after the long weekend.
Hogs: Fresh cash and wholesale strength boosted hog futures Tuesday. Nearby April rose 45 cents to $85.675. Renewed cash strength and a big Monday jump in pork cutout likely powered today’s futures advance.
