After the Bell | January 2, 2024
Corn: March corn futures dropped 7 1/2 cents at $4.63 3/4, near the session low and hit a contract low. The first trading day of 2024 saw heavy fund and speculator technical selling pressure, to suggest still more price downside is likely in the near term.
Soybeans: March soybeans fell 24 1/2 cents to $12.73 1/2, the lowest close since June 29. March soymeal fell $6.50 to $379.50, while March soyoil rose 11 points to 48.29 cents. Soybean futures plunged to a six-and-a-half-month low to start the new year amid continued forecasts for increased rain in Brazil.
Wheat: March SRW wheat dropped 21 1/4 cents to $6.06 3/4, near the session low and hit a two-week low. March HRW wheat closed 13 lower cents at $6.29 and nearer the session low. March spring wheat fell 8 1/2 cents to $7.15. Selling in the corn and soybean futures markets spilled over into price pressure for the wheat markets on this first trading day of 2024.
Cotton: March cotton fell 106 points to 79.94 cents, a low-range close. Cotton futures erased last week’s gains and notched the biggest decline in two weeks amid a rallying U.S. dollar and a slide in crude oil futures.
Cattle: February live cattle futures surged $3.425 to $171.925, ending the day nearer session highs. March feeder cattle futures leapt $3.35 to $226.45, while nearby January futures jumped $3.125 to $225.425. Live cattle futures surged to start the year, charging above technical resistance that capped gains over the last two weeks.
Hogs: Hog futures turned sharply lower in anticipation of early-year weakness similar to that seen in early 2023. The February contract led the way lower, losing $2.65 to $65.325 at the close. As expected, the cash hog market slid to fresh 2023 lows between the holidays, with last Thursday’s official quote for the hog index dipping 22 cents to $65.35.
