After the Bell | February 22, 2024
Corn: March corn fell 5 cents to $4.06, a new contract low close. Corn futures extended to a fresh contract low as early strength in the wheat complex faded and soybeans faced follow-through selling.
Soybeans: March soybean futures fell 13 cents to $11.47 3/4, marking a fresh for-the-move low and settling near session lows. March soymeal futures dropped $7.10 to $334.90, closing near session lows. March bean oil futures slid 62 points to 44.21 cents. Soybeans continue to fall under heavy selling pressure despite seemingly supportive outside markets.
Wheat: May SRW wheat closed up 1 1/4 cents at $5.79 1/4. May HRW wheat lost 3 cents at $5.71 1/2. Both markets’ prices closed nearer their session lows. May spring wheat futures dropped 6 cents to $6.55 1/2, settling near session lows. The wheat futures today saw more chart-based selling pressure from the speculators as both SRW and HRW markets remain fully bearish from a near-term technical perspective.
Cotton: May cotton futures surged 123 points before settling at 94.46 cents, nearer session highs. Nearby March futures rose 160 points to 94.20 cents. Cotton futures continue to show remarkable strength, surging near the recent high close, piggybacking an equity market that is trading on record highs.
Cattle: April live cattle fell $1.15 at $186.55, nearer the session low and hit a 3.5-month high early on. May feeder cattle rose 20 cents at $259.325, nearer the session low after reaching a four-month high early in the day. The cattle futures markets today saw some routine profit-taking from the speculators after recent solid gains. Underlying cash market fundamentals remain bullish.
Hogs: Hog futures once again broke out to the upside Thursday, with nearby April jumping $1.225 to $87.20. The cash hog and wholesale pork markets remain quite strong, with today’s early gains triggering a breakout to fresh eight-month in nearby April futures.
