After the Bell | November 7, 2023
Corn: December corn futures dropped 8 3/4 cents to $4.68 1/2 and near the session low. Prices closed at a 13-month-low close. Dour import and export data out of China today cast a pall over much of the raw commodity sector, including the grains.
Soybeans: January soybeans fell 2 cents to $13.62, near the session low, after trading at the highest intraday level since Sept. 15. December meal rose $9.90, a mid-range close after marking a fresh contract high early on. December soyoil fell 131 points to 49.49 cents, closing near the session low. Soybean futures started the morning out with solid gains, in step with meal futures which touched a fresh high in the nearby December contract.
Wheat: December SRW wheat fell 5 1/2 cents to $5.70 1/4. December HRW wheat dropped 13 1/4 cents to $6.32 1/2. December spring wheat fell 4 1/2 cents to $7.24 1/4. Downbeat economic data out of China today had the raw commodity bears out in force, including in the grains.
Cotton: December cotton fell 152 points to 76.48 cents, the lowest close since November 28, 2022. December cotton bears took full advantage of their near-term technical posture to achieve a push to an eleven-month low close.
Cattle: December live cattle futures fell $2.55 to $178.775, settling near the session low. January feeder cattle futures fell $5.60 to $230.825, settling near session lows. Expiring November feeder futures fell $4.95 to $232.225. Cattle futures underwent heavy selling pressure throughout the session as technicals continue to erode.
Hogs: Hog futures rose modestly on the day, with nearby December gaining 50 cents to $72.90 after surging to six-week highs, then reversing. The hog and pork complex continues exhibiting signs of firmness despite the strong tendency for seasonal weakness at this time of year.
