After the Bell | July 28, 2023
Corn: December corn futures fell 12 1/4 cents, before settling at $5.21, ultimately falling 15 1/4 cents on the week. Corn futures succumbed to selling pressure all week following Monday’s explosion higher, despite no real shift in the fundamental situation over the course of the week.
Soybeans: November soybeans fell 15 1/2 cents to $13.82 1/2 and finished 19 1/4 cents lower on the week. August meal fell $9.30 to $455.20. August soyoil fell 101 points to 67.60 cents. Soybean futures extended Thursday’s weakness, with improving August weather forecasts and soy meal pressure casting a shadow over prices, despite a solid week of notable export sales.
Wheat: December SRW wheat futures fell 7 1/2 cents to $7.28, near mid-range and for the week up 10 1/4 cents. December HRW wheat futures lost 8 3/4 cents to $8.69 1/4, near mid-range and on the week up 2 1/2 cents. September spring wheat futures fell 8 1/4 cents on the session to $8.96, though still gained 9 cents on the week. The technically bearish weekly low closes in December SRW and HRW wheat futures markets Friday suggest some follow-through chart-based selling pressure early next week.
Cotton: December cotton futures fell 12 points to 84.26 cents and for the week fell 22 points. Cotton futures showed relative strength amid the falling grain markets early in the week but ultimately succumbed to heavy selling pressure Thursday amid technical selling.
Cattle: Live cattle futures ended Friday narrowly mixed, with nearby August edging up 10 cents to $178.15; that represented a weekly decline of $1.875. Feeder futures rallied in response to fresh grain/soy weakness. August feeders rose 95 cents on the day to $245.60, thereby marking a weekly dip of 42.5 cents. Next week’s cattle market action could prove quite volatile after producers and packers sustained their weekly standoff through today’s futures session.
Hogs: August lean hog futures rose $1.175 to $103.20, near the daily high and hit a 4.5-month high. For the week, August hogs gained $2.535. : Friday’s bullish upside breakout from a congestion area on the daily chart for August lean hogs that also produced a technically bullish weekly high close sets the table for follow-through chart-based speculator buying interest early next week.
