After the Bell | November 6, 2023
Corn: December corn was unchanged at $4.77 1/4, near the session low. Corn futures traded narrowly within Friday’s upper range and spent the session pivoting around the 10-day moving average, with spillover gains oozing from soybean and SRW wheat futures.
Soybeans: January soybeans rallied 12 1/4 cents before closing at $13.64, the highest close since Sept. 14. December soybean meal dropped $4.60 to $437.50, though deferred contracts pared losses. December bean oil rallied 144 points to 50.80 cents, closing near the midpoint of today’s session. Soybeans continue to lead the ag complex higher as January futures have rallied over 60 cents in the past five sessions.
Wheat: December SRW wheat closed up 3 1/4 cents to $5.75 3/4. December HRW wheat rose 2 1/4 cents to $6.45 3/4. Prices closed nearer the session highs. Spring wheat futures rallied 7 3/4 cents before closing at $7.28 3/4. The winter wheat futures markets today saw some tepid short covering amid an uptick in trader and investor risk appetite in the general marketplace—evidenced by the recent solid gains in the U.S. stock market.
Cotton: December cotton plunged 162 points to 78.00 cents, marking the lowest close since June 28. December cotton futures extended to a fresh near-term low amid speculative selling as demand woes continue to hover over the natural fiber.
Cattle: December live cattle dropped $2.55 to $181.325 and near the session low. January feeder cattle fell $3.325 to $236.425 and near the session low. Speculative and chart-based selling pressure were featured to start the trading week in the cattle futures markets.
Hogs: December lean hog figures rallied 65 cents to $72.40, settling nearer the session high. Lean hog futures continue to surge higher, despite a flailing cattle market.
