After the Bell | January 19, 2024
Corn: March corn futures rallied 1 1/2 cents to $4.45 1/2, though traded as high as $4.49 1/2. Prices lost 1 1/2 cents on the week. Corn futures struggled to maintain early session gains despite robust export sales, sending March futures to close near session lows.
Soybeans: March soybeans fell 1/4 cent to $12.13 1/4 and gave up 11 cents on the week. March soymeal closed $1.30 lower on the day and $5.90 on the week at $356.20. March soyoil fell 61 points to 47.40 cents, representing an 85-point loss on the week. Soybeans attempted to recoup a portion of early-week losses over the past two sessions amid corrective buying, though looming overhead technicals continued to limit a move beyond the week’s high.
Wheat: March SRW wheat futures rose 7 3/4 cents to $5.93 1/4 and near mid-range. For the week, March SRW fell 2 3/4 cents. March HRW wheat rose 2 3/4 cents to $6.08 and nearer the session low. On the week, March HRW lost 7 1/4 cents. March spring wheat rose 8 cents to $6.96 and gained 3 cents on the week. Winter wheat futures traders continue to look to the corn market for daily price direction.
Cotton: March cotton rallied 144 points to 83.95 cents, a 264-point week-over-week gain. Cotton surged to a two-and-a-half-month high in early trade and notched gains for the fourth straight session amid U.S. dollar weakness, a rally in equities and robust export demand.
Cattle: April live cattle futures fell 27 1/2 cents to $177.375 and near mid-range. For the week, April cattle rose $3.20. March feeder cattle futures dropped 60 cents to $231.95 and nearer the session low. On the week, March feeders gained $4.25. Today’s price action in the cattle and feeder futures saw mild downside corrections after both markets scored seven-week highs Thursday.
Hogs: Hog futures ended the week rather poorly, with the nearby February contract sliding 35 cents to close at $70.75. That represented a weekly decline of $1.15. The short-term outlook still looks supportive for hog prices.
