After the Bell | March 21, 2024
Corn: May corn rose 1 3/4 cents to $4.40 3/4, ending the session above the 10- and 40-day moving averages. Nearby corn futures notched a six-week high in overnight trade, though technical and outside market pressure limited buying throughout the day trade.
Soybeans: May soybeans futures rallied 2 1/2 cents to $12.12, though settled nearer session lows. May soymeal futures rose $1.8 to $344.3, near the middle of today’s range. May bean oil futures slipped 21 points to 48.79 cents. Soybean futures struggled to maintain overnight gains though bulls managed to keep the downside largely intact, despite a slew of bearish fundamental headlines throughout the day.
Wheat: May SRW wheat rose 1 3/4 cents to $5.46 3/4. May HRW wheat gained 1 1/4 cents at $5.81 3/4. Prices closed near their mid-ranges. May spring wheat futures rose 1 1/2 cents to $6.56 1/2. The winter wheat futures markets continue to languish at lower price levels.
Cotton: May cotton futures rose 3 points before settling at 92.21 cents. Cotton futures traded on both sides of unchanged before closing modestly higher, nearer session lows.
Cattle: April live cattle rose 57 1/2 cents to $188.375. May feeder cattle fell 72 1/2 cents to $258.075. Both markets closed near their mid-ranges. The cattle futures markets are in a pause mode late this week, awaiting Friday afternoon’s monthly USDA Cattle on Feed report.
Hogs: A big drop in wholesale prices seemed to undercut hog futures Thursday, with nearby April falling 40 cents to $84.90, whereas the summer contracts fell over $1.00 on the day. The cash hog market continues its ongoing advance, with the CME confirming Tuesday’s preliminary figure at $83.21, up 39 cents from Monday.
