After the Bell | March 5, 2024
Corn: May corn futures fell 3 3/4 cents to $4.26 1/4 and nearer the session low. The corn futures market today was hit by a “risk-off” trading day in the general marketplace, evidenced by solid losses in the U.S. stock indexes and weaker crude oil prices.
Soybeans: May soybeans fell 6 cents to $11.49, while may soymeal fell $3.60 to $329.90. Each closed near the session low. May soyoil fell 14 points to 45.04 cents, notching a mid-range close. Soybeans gave in to selling on Super Tuesday amid broad selling across the marketplace in the wake of mixed economic data ahead of Jerome Powell’s testimony to Congress on Wednesday.
Wheat: May SRW futures fell 13 cents to $5.51, settling nearer session lows. May HRW futures slipped 11 cents to $5.69 1/4. May spring wheat fell 4 cents to $6.55 1/2. SRW futures led the wheat futures complex lower today, as May SRW forged a fresh contract low.
Cotton: May cotton fell 34 cents to 94.24 cents, the lowest close since Feb. 23. Cotton futures limited losses despite selling across equities and crude oil futures, while persisting weakness in the U.S. dollar provided some support.
Cattle: April live cattle futures rallied $1.325 to $188.00 and settled nearer session highs. March feeder futures rallied 75 cents to $252.30. Live cattle futures retraced most of Monday’s losses as technical support and supportive cash fundamentals underpinned gains.
Hogs: April lean hogs fell $1.10 to $85.175, nearer the session low and hit a two-week low. The lean hog futures market today saw some more profit taking from recent gains.
