After the Bell | November 10, 2023
Corn: December corn futures fell 4 cents to $4.64, marking a 13 1/4 cent loss on the week. December corn futures continued Thursday’s post-report slide despite resurgent strength in soybeans and soaring risk assets. December corn made new lows, falling to the lowest level in over two years.
Soybeans: November soybeans rose 4 cents to $13.47 1/2 but gave up 4 1/4 cents on the week. December meal fell 50 cents to $449.40 but rose $7.30 from a week-ago. December soyoil rose 75 points to 51.20 cents, which represented a 184-point week-over-week gain. Soybean futures seemingly stabilized today following Thursday’s post-report selloff, with support at the 100-day moving average curbing selling.
Wheat: December SRW wheat futures fell 5 1/2 cents to $5.75 1/4 and for the week rose 2 3/4 cents. December HRW wheat futures fell 7 1/4 cents to $6.40 today and for the week lost 3 1/2 cents. December spring wheat fell 4 cents to $7.30 1/2 but gained 9 1/2 cents on the week. The wheat market bulls were showing some spunk Wednesday but exited the week with a whimper, following the weakening corn futures market that today saw December corn hit a two-year low.
Cotton: December cotton rose 80 points to 77.32 cents but fell 230 points on the week. Cotton futures were able to notch followthrough corrective gains following the sharp selloff since the end of October.
Cattle: December live cattle futures fell 17 1/2 cents to $174.175 and hit a five-month low. For the week, December live cattle dropped $9.70. January feeder cattle futures rose $1.50 to $226.425 today and hit a seven-month low early on. On the week, January feeders lost $13.325. The cattle futures markets came off the rails this week, producing serious near-term technical damage to suggest more chart-based selling pressure from speculators next week.
Hogs: December lean hogs rallied 45 cents to $71.90, notching a 15-cent gain on the week. Resurgent strength in wholesale pork today lent strength over to the futures market, though prices continue to flag on the daily bar chart.
