After the Bell | January 17, 2024
Corn: March corn fell 1 1/4 cents to $4.42 1/4 after notching a fresh contract low early on. Corn futures edged to a fresh contract low in early trade but rebounded mildly shortly after amid a corrective rally in SRW wheat, though outside market pressure ultimately cut buying efforts short.
Soybeans: March soybeans fell 21 1/2 cents to $12.05 3/4 and near the session low. Prices closed at a six-month-low close today. March soybean meal dropped $12.40 t0 $358.70 and near the session low. March bean oil closed up 45 points at 47.70 cents and near the session high. Soybeans and meal were pressured by chart-based selling and a “risk-off” trading day in the general marketplace.
Wheat: March SRW rose 1/2 cent to $5.82 1/2 and closed near the session low, while March HRW fell 7 1/2 cents to $5.94, a fresh contract low. March spring wheat fell 10 1/2 cents to $6.80 1/4. An early morning corrective rally in SRW wheat faded as outside market pressure and sinking soybean futures weighed on the complex.
Cotton: March cotton rose 37 points at 81.70 cents and near mid-range. Prices hit a five-week high. The cotton futures bulls had a good day today, as they were able to sustain modest gains despite a firmer U.S. dollar index and keener risk aversion in the general marketplace.
Cattle: After spending much of Wednesday in negative territory, cattle and feeder markets staged a late rebound and closed mostly higher Wednesday. Nearby February live cattle were the exception, skidding 2.5 cents to $173.10, while expiring January feeders surged 87.5 cents to $228.425 and most-active March climbed 95 cents to $229.775. It’s debatable as to whether the current spell of frigid temperatures is helping or hurting the cattle market.
Hogs: February lean hog futures rose 67.5 cents before settling at $71.45, near session highs. Lean hog futures faced heavy selling early in the session before rebounding mid-day, further solidifying support under the market.
