After the Bell | January 24, 2024
Corn: March corn rose 5 3/4 cents to $4.52 1/4, marking the highest close since Jan. 11. Corn futures extended corrective buying for the fifth straight session, which ended in the largest daily gain since Dec. 26.
Soybeans: March soybeans rose 3/4 cent to $12.40 1/4 and near mid-range. March soybean meal gained $2.20 at $363.30 and near mid-range. March bean oil closed down 89 points at 47.32 cents and near the session low. The soybean and soybean meal futures markets today saw mild short covering after recently hitting multi-month lows.
Wheat: March SRW wheat rose 14 1/4 cents to $6.10 3/4, marking the highest close since Jan. 10, while March HRW closed 8 1/4 cents higher at $6.25 3/4. March HRS rose 5 1/2 cents to $7.04 1/2. SRW wheat futures were able to extend recent gains on increased corrective buying as a fading U.S. dollar helped prop up commodities.
Cotton: March cotton rose 80 points at 85.40 cents and near the session high. Prices hit a 2.5-month high today. The cotton market rallied again today on increased speculator buying interest as the near-term technical posture for the fiber has turned bullish.
Cattle: Cattle futures turned higher Wednesday in apparent response to reports of stronger cash trading in the Southern Plains. Nearby February live cattle futures rose 70 cents to $175.35, while most-active April gained 52.5 cents to $178.35. January feeder futures, which expire at noon tomorrow, climbed 82.5 cents as well, closing at $231.825. Most-active March feeders inched up 12.5 cents to $233.75. Feedlot cattle may have begun recovering from the cold-stress imposed by arctic conditions over the past two weeks, but that probably hasn’t done anything to boost the supply of market-ready animals at this point.
Hogs: April lean hog futures surged $1.70 to $82.025, settling near session highs. Nearby February futures rose 60 cents to $73.90. Lean hog futures surged higher for the second consecutive day, continuing the recent technical breakout.
