After the Bell | February 5, 2024
Corn: March corn was unchanged at $4.42 3/4, a near mid-range close. Corn futures continued to edge sideways in consolidative trade as U.S. dollar strength and pressure from SRW largely negated support from the soy complex.
Soybeans: March soybean futures rallied 7 3/4 cents to $11.96 1/4 and settled nearer session highs. March soymeal rose $4.30 to $361.10, closing on session highs. March soyoil surged 60 points to 45.33 cents. Soybean futures saw sustained weakness in early morning trade before reversing following this morning’s open and rallying throughout the remainder of the session.
Wheat: March SRW wheat closed down 9 1/2 cents at $5.90 1/4. March HRW wheat fell 11 cents at $6.14. Both markets closed nearer their session lows. March spring wheat futures dropped 8 3/4 cents to $6.91. The wheat markets were pressured today by the risk-off sentiment seen in the general marketplace today, following more intense U.S. air strikes against Houthi rebels in Iraq and Syria, and by a weaker U.S. stock market.
Cotton: March cotton fell 7 cents to 87.04 cents, a near mid-range close. Cotton futures were able to extend gains for the fifth straight session early on despite the dollar index reaching a near 12-week high and broad selling across equities.
Cattle: April live cattle fell $1.40 to $182.35 and near the session low. Prices hit a three-month high early on today but then reversed course to score a mildly bearish “outside day” down. March feeder cattle closed down $2.05 at $242.75 and nearer the session low. The cattle futures markets saw some routine profit-taking pressure today following recent gains.
Hogs: April lean hog futures dropped $1.625 to $82.20, settling nearer session lows. Lean hog futures gapped lower on this morning’s open and saw sustained pressure throughout the morning.
