After the Bell | March 22, 2024
Corn: May corn fell 1 1/2 cents to $4.39 1/4 but rose 2 1/2 cents on the week. Corn futures saw minimal volatility this week, generally caught between soybeans and wheat, which both saw more extended moves.
Soybeans: May soybeans fell 19 1/2 cents to $11.92 1/2 and closed 5 3/4 cents lower on the week. May soymeal fell $5.20 to $339.10 but rallied $4.40 from a week ago. May soyoil plunged 115 points to 47.64 cents and lost 178 points on the week. Soybeans ended the week under pressure, giving up a notable portion of mid-week gains as traders took profits into the weekend.
Wheat: Winter wheat futures saw impressive buying into the weekend. May SRW futures rose 8 cents to $5.54 3/4, marking a weekly gain of 26 1/4 cents. May HRW futures rallied 8 3/4 cents to $5.90 1/2, up 24 1/4 cents on the week. May spring wheat rose 4 1/2 cents to $6.61 and gained 14 1/2 cents on the week. Wheat futures posted impressive strength today, ending the day at this week’s highs.
Cotton: May cotton closed 68 points lower at 91.53 cents and marked a 241-point loss on the week. Cotton futures finished the week lower following a push to a one-month low amid persisting U.S. dollar strength and extended selling in crude oil futures.
Cattle: Cattle traders are expecting a seasonal cash market peak in the near future, since futures sank despite cash prices advancing again this week. April live cattle slid 87.5 cents to $187.50, which represented a weekly rise of just 25 cents. Meanwhile, expiring March feeder futures skid 92.5 cents to $249.95 and next-nearby April tumbled $3.125 to $251.50. That latter close marked a weekly drop of 62.5 cents. Bulls and cattlemen still hold the upper hand in the cattle markets, as indicated by Thursday’s active trading at higher levels in cattle country.
Hogs: Hog futures ended the week in mixed fashion, with deferred contract gains deviating from slippage in nearby April. The latter ended the day down 32.5 cents at $84.575. That represented a weekly drop of $2.35. The hog and pork industry seems to be anticipating a bout of short-term seasonal weakness, or at least flat short-run prices.
