After the Bell | February 21, 2024
Corn: March corn fell 7 3/4 cents to $4.11 and a fresh contract low close. As has been the trend, corn forged a fresh contract low during today’s session, finishing lower for the 10th session during the month of February out of 14 trading days.
Soybeans: May soybeans fell 18 1/2 cents to $11.65. May soybean meal lost $5.00 at $336.70. May bean oil closed down 50 points at 45.42 cents. All three markets closed nearer their session lows. The soybean complex futures saw another down day amid price weakness across the grain markets.
Wheat: May SRW fell 1 1/4 cents to $5.78, marking a high-range close, while May HRW fell 6 1/2 cents to $5.74 1/2. May spring wheat fell 4 cents to $6.61 1/2. Wheat futures relented to mild profit-taking following Tuesday’s solid short-covering action.
Cotton: May cotton gained 154 points at 93.23 cents and nearer the session high. The cotton futures bulls hit the accelerator again today, which is especially impressive given the losses seen in the grain futures complex and a weaker U.S. stock market.
Cattle: Anticipation of seasonal strength continued supporting cattle futures Wednesday. The exception was provided by the nearby contract. The February live cattle contract slid 42.5 cents to $183.975, while most-active April rose 37.5 cents to settle at $187.70. March feeder futures skidded 2.5 cents to $251.35, while the deferred contracts posted moderate gains. Cash trading of fed cattle remained virtually nonexistent Tuesday, with the tightness of market-ready supplies encouraging cattlemen to ask for higher prices, whereas packers are likely relying on big purchases over the past two weeks to hold out for a weaker market.
Hogs: April lean hogs closed 30 cents higher to $85.975, though the contract settled near the middle of today’s range. Lean hog futures continue to consolidate near recent highs, caught between technical resistance and improving cash fundamentals.
