After the Bell | January 29, 2024
Corn: March corn fell 6 cents to $4.40 1/4, a new contract low-close. Corn futures extended Friday’s losses, with the nearby contract giving up the largest portion of recent gains to forge a new contract low-close.
Soybeans: March soybeans dropped 15 cents to $11.94 1/4 cents, settling near session lows. March meal futures rallied $5.30 to $354.30. March bean oil futures dropped 138 points to 45.55 cents. Soybean futures saw persistent selling overnight that continued into today’s session, sending March beans to the lowest level since June.
Wheat: March SRW wheat fell 6 3/4 cents at $5.93 1/2. March HRW wheat closed down 6 1/2 cents at $6.18 1/4. March spring wheat futures dropped 10 1/4 cents to $6.93 1/4. Each market closed nearer their session lows. The wheat futures markets saw selling pressure come from a solid drop in corn futures prices, a higher U.S. dollar index and lower crude oil prices.
Cotton: March cotton fell 11 points to 84.26 cents, marking a two-week low close. Cotton futures extended Friday’s weakness, though nearby futures were able to limit losses due to solid technical support, despite notable outside market pressure.
Cattle: April live cattle lost 45 cents to $181.225. March feeder cattle closed down $1.075 at $238.625. Both markets closed nearer their session lows and hit 2.5-month lows today. The live and feeder cattle bulls came out of their chutes strong today and hit new for-the-move highs but faded down the stretch on profit taking from recent gains.
Hogs: April lean hogs closed 17.5 cents higher to $83.425, near session highs. Expiring February futures rallied 35 cents higher to $75.275. Lean hog futures gapped lower on this morning’s open but strong gains in cash fundamentals limited losses.
