After the Bell | March 25, 2024
Corn: May corn fell 1 1/2 cents to $4.37 3/4, ending near the session low. Corn futures ended the session under mild pressure, in tandem with SRW wheat despite favorable outside markets and notable strength in the soy complex.
Soybeans: May soybean futures rallied 16 3/4 cents to $12.09 1/4 and settled on session highs. May meal futures rose $2.60 to $341.70 and settled nearer session highs. May bean oil futures surged 138 points to 49.02 cents and closed on session highs. Soybeans showed relative strength today though the May contract traded almost entirely within Friday’s range.
Wheat: May SRW wheat rose 1/4 cent to $5.55 and nearer the session low. May HRW wheat closed a penny lower at $5.89 1/2, nearer the session low. May spring wheat futures slipped 1 1/2 cents to $6.59 1/2. The winter wheat futures markets saw mild corrective price action after recent modest gains.
Cotton: May cotton rose 59 points to close at $92.12 after dipping to a five-week low during Monday’s trading session. May cotton notched mild corrective gains amid notable support from a rally in crude oil and concurrent U.S. dollar weakness, although slippage in the equity indexes likely dampened buying efforts.
Cattle: June live cattle fell $1.30 to $181.60, nearer the session low and hit a three-week low. May feeder cattle fell $1.15 at $252.625, nearer the session low and hit a two-month low. The cattle futures markets were pressured today by a bearish monthly USDA Cattle-on-Feed Report out last Friday afternoon.
Hogs: Despite signs of cash slippage, strong wholesale gains apparently powered hog futures gains. Nearby April futures rose 57.5 cents to $85.15, while most-active June surged $1.70 to $101.975. April lean hog futures posted modest gains despite greater strength seen in the deferred contracts.
