After the Bell | March 15, 2024
Corn: May corn futures ended the day 3 cents higher at $4.36 3/4 but marked a 3-cent loss on the week. Corn futures showed relative strength throughout the session though sellers reemerged midday near $4.40 resistance and forged a close well off session highs.
Soybeans: May soybeans rose 3 cents to $11.98 1/4, notching the highest close since Feb. 8 and a 14 1/4 cent gain on the week. May soymeal fell $2.70 to $334.70 and lost $6.70 week-over-week. May soyoil rose 101 points to 49.92 cents and rallied 325 points from a week ago. Soybeans spent most of the session under mild pressure, mustering a bounce from the session low as corrective strength in corn lent support, ultimately pulling prices into positive territory into the close.
Wheat: May SRW futures settled 3 3/4 cents lower at $5.28 1/2, marking an 8 1/4 cent loss on the week. May HRW futures dropped 8 1/2 cents to $5.66 1/4, losing 12 1/2 cents on the week. May spring wheat fell 8 3/4 cents to $6.46 1/2 and lost 16 1/4 cents from a week ago. Wheat futures gave up overnight corrective gains and ultimately closed lower for the third consecutive session, continuing to be the weak link in the grain and soy complex.
Cotton: May cotton rose 46 points to 93.94 cents but gave up 133 points on the week. Cotton futures spent the week rather subdued following two weeks of notable price swings.
Cattle: Cattle futures rebounded from Thursday’s big losses, with nearby April live cattle rising 30 cents to $187.25. That represented a weekly decline of 35 cents. Meanwhile, expiring March feeder futures surged $1.80 to $249.275 and most-active April climbed 95 cents to $252.125. The latter quote marked a weekly drop of $1.975. Thursday’s big cattle and feeder breakdown likely reflected industry concerns about packer demand.
Hogs: Hog futures ended the week on a strong note, with nearby April leading the way higher. It jumped $1.90 to $86.925. That represented a weekly gain of $2.55. The cash hog market exhibited sustained strength this week, with the hog index officially adding 17 cents to reach $82.19 when Wednesday’s official quote was released this morning.
