After the Bell | February 7, 2024
Corn: March corn fell 4 1/2 cents to $4.34 1/4, closing nearer the session low. Corn futures edged to a new contract low in early trade, with spillover pressure stemming from the soy complex, though another day of corrective gains in SRW wheat helped limit selling a bit.
Soybeans: March soybeans fell 10 1/2 cents to $11.89, near mid-range and hit an eight-month low. March soybean meal dropped $7.60 to $351.20 and nearer the session low. March bean oil closed up 82 points at 46.76 cents. The soybean and meal futures market saw technical selling pressure today and were also pressured by a drop March corn futures prices to a new contract low.
Wheat: March SRW rose 7 cents to $6.02, closing above the 10- and 20-day moving averages, while HRW fell 1/4 cent to $6.18 1/4. March spring wheat rose 3 cents to $6.96 1/4. Wheat futures extended Tuesday’s corrective gains, though overhead resistance continued to curb upside momentum.
Cotton: March cotton rose 93 points to 88.47 cents, nearer the session high and hit a four-month high. The cotton market saw more buying interest amid the booming U.S. stock market that saw the major indexes hit record highs again today.
Cattle: Cattle futures set back Wednesday in the wake of Tuesday’s big surge. Expiring February live cattle slid 77.5 cents to $182.225, while most-active April fell $1.275 to $184.80. March feeder futures dropped $1.125 to $245.55. Beef packer margins have fallen well into the red lately, which is almost surely discouraging them from buying fed cattle aggressively.
Hogs: April lean hog futures slipped 15 cents before settling at $81.10, settling near session lows. Lean hog futures surged on this morning’s open, but traders sold the rally and ultimately forced nearby prices lower on the session.
