After the Bell | July 27, 2023
Corn: December corn futures fell 6 cents as the tumbling wheat market pressured prices, settling at $5.42 1/4. Corn futures were unable to hold overnight gains as sellers took control of the market, marking the third day in a row of losses.
Soybeans: November soybeans fell 22 cents to $13.98, ending the session below the 10-day moving average and near the session low. August meal fell 20 cents to $464.50. August soyoil fell 166 points to 68.61 cents. Soybean futures spent the overnight working toward Monday’s high, though bulls were ultimately thwarted despite a second straight day of daily export sales and rise in weekly sales.
Wheat: December SRW wheat fell 6 3/4 cents to $7.35 1/2, nearer the session low. December HRW wheat rose 3/4 cent to $8.78 and near mid-range. December spring wheat rose 7 1/2 cents to $9.15. The wheat futures markets saw consolidative trade today following big losses on Wednesday.
Cotton: December cotton plummeted 355 points to 84.38 cents, the contract’s largest daily loss since August 2022. December cotton futures sunk following eight straight sessions of strong gains, with notable U.S. dollar strength pressuring the natural fiber.
Cattle: August live cattle fell 62 1/2 cents to $178.05 today and nearer the session low. August feeder cattle rose 45 cents to $244.65 and nearer the session high. The cattle futures markets have spent most of this week in pause mode, which is not bearish given the still-bullish overall chart postures in both markets.
Hogs: August lean hog futures edged up 37.5 cents to $102.25 Thursday, while the deferred contracts posted varying losses. Hog traders are anticipating the usual seasonal downturn in hog and pork prices.
