After the Bell | February 26, 2024
Corn: May corn rose 8 cents to $4.21 1/2, near the session high after forging a fresh contract low early on. Not surprisingly, corn futures forged new contract lows overnight and again following the open but were able to extend from earlier lows as the session progressed amid corrective buying efforts.
Soybeans: May soybeans rallied 3 1/2 cents to $11.45 1/4. May soybean meal rallied 60 cents to $328.6, settling near the mid-point of today’s session. May bean oil rose 42 points to 45.02 cents. Soybeans saw action on both sides of unchanged, though settled nearer session highs after marking a fresh contract low in May futures.
Wheat: May SRW wheat closed up 5 3/4 cents at $5.74 3/4 and nearer the session high. May HRW wheat rose 11 cents to $5.76 1/2 and nearer the session high. May spring wheat rose 6 cents to $6.52 3/4. The winter wheat futures markets today saw short covering after hitting contract lows last week.
Cotton: May cotton surged 131 points to 94.80, the highest close in more than a week. May cotton futures regained Friday’s losses but are edging sideways in consolidative trade above technical support, seemingly pausing before the next major move.
Cattle: April live cattle rose 20 cents to $188.10, nearer the session high and closed at a four-month-high close. May feeder cattle fell 50 cents to $261.575, nearer the session high and hit a 4.5-month high early on. The cattle futures markets remain on solid fundamental and technical footing, suggesting still more price advances in the near term.
Hogs: April lean hog futures dropped 92.5 cents to $86.275, settling near mid-range. Nearby lean hogs fell under technical selling pressure, though losses continue to be limited by persistent strength in cash fundamentals.
