After the Bell | February 29, 2024
Corn: May corn rose a penny to $4.29 1/2 and closed nearer the session high. Nearby corn futures spent most of the session above the 10-day moving average and held gains into the close, marking the fourth consecutive close higher.
Soybeans: May soybeans fell 4 1/2 cents to $11.40 3/4, though traded as low at $11.28 1/2. May soybean meal rallied $1.7 to $329.2, settling nearer the session high. May bean oil closed 2 points higher at 45.21 cents. Soybean futures saw resurgent selling pressure, though losses have been limited across the past five sessions as buyers attempt to limit selling under the $11.50 mark in May futures.
Wheat: May SRW wheat rose 1 1/2 cents to $5.76 1/4 and near mid-range. May HRW wheat closed up 6 1/4 cents at $5.87 1/4 and near the session high. May spring wheat futures rallied 3 cents to $6.59. The winter wheat futures markets saw tepid short covering today, drawing mild support from modest gains in corn futures.
Cotton: May cotton futures slipped 151 points before settling at 99.57 cents but ultimately settled in the upper third of today’s range. Cotton futures saw profit taking, but closed well off session lows, showing bulls still have some fuel left.
Cattle: April live cattle fell 77 1/2 cents to $185.35. May feeder cattle closed down $1.85 at $256.125. Both markets’ prices closed near mid-range levels. The live and feeder cattle futures markets today saw more routine profit-taking pressure from speculators.
Hogs: Hog futures turned higher after testing support early in Thursday’s session. Nearby April rallied 62.5 cents to $86.625. Although the seasonal advance is slowing, the cash hog and pork markets are still working higher.
