After the Bell | February 27, 2024
Corn: May corn futures closed up 2 cents at $4.23 1/2 today and near mid-range. The corn futures market today saw tepid short covering in a bear market.
Soybeans: May soybeans fell 4 3/4 cents to $11.40 and closed at a contract low close. May soymeal hit a new contract low and fell $3.70 to $324.90. Both markets ended near session lows. May soyoil rose 51 points to 45.53 cents, a near mid-range close. Soybeans gave up overnight gains amid a meal led sell off.
Wheat: May SRW futures rallied 9 1/2 cents to $5.84 1/4 but closed over a nickel off session highs. May HRW futures rose 9 1/4 cents to $5.85 3/4, settling nearer session highs. May spring wheat rose 9 1/2 cents to $6.62 1/4. Wheat futures posted gains for the second consecutive session though sellers actively took advantage of the bounce.
Cotton: May cotton rose the daily limit of 400 points to 98.80 cents, a contract high close. Cotton futures surged the limit to the highest level in more than year amid technical buying and snug supplies.
Cattle: April live cattle futures dropped 37.5 cents to $187.725, while expiring February futures fell 12.5 cents to $185.60. March feeder cattle futures slipped 5 cents to $253.00. Live cattle futures continue to struggle breaking above recent highs as premiums to the cash market remain wide.
Hogs: April lean hogs fell 37 1/2 cents to $85.90 and nearer the session low. The lean hog futures market paused today amid the existing price uptrend that remains firmly in place.
