After the Bell | November 8, 2023
Corn: December corn rose 7 1/2 cents to $4.76, a mid-range close. December corn was able to grab back a portion of Tuesday’s losses, with spillover strength stemming from SRW wheat and soybean futures, though extended selling in crude oil futures curbed upside momentum in grains.
Soybeans: January soybeans rose 3 3/4 cents to $13.65 3/4 and nearer the session low after hitting a seven-week high early on. December soybean meal gained $2.40 to $449.80, near the session low. Prices hit a contract high early on. December bean oil rose 46 points to 49.95 cents and near the session high. The soybean and meal bulls were out of the gate in strong fashion in early trading on some fresh demand news but faded down the stretch.
Wheat: December SRW futures rallied 22 cents before settling at $5.92 1/4 but closed well off the session high. December HRW futures jumped 22 1/2 cents and closed at $6.55. December spring wheat rose 11 1/4 cents to $7.35 1/2. Wheat futures rebounded sharply following Tuesday’s drop, showing sustained strength in the latter part of the session as sellers entered the grain market.
Cotton: December cotton fell 159 points to 74.89 cents and near the session low. Prices hit an 11-month low. Technical selling pressure was featured in cotton futures today as the near-term chart posture has turned fully bearish.
Cattle: Cattle and feeder futures rebounded from big early losses, with nearby December live cattle closing 62.5 cents higher at $179.40. Expiring November feeders jumped $2.325 to $234.55, while most-active January surged $1.95 to $232.775. The livestock complex followed through on Tuesday’s big losses in early Wednesday trading, but bears couldn’t maintain the drop to fresh five-month lows in nearby December fed cattle futures, which likely triggered short-covering and fresh speculative buying across the complex.
Hogs: December lean hogs broke lower today, falling $1.40 and settling at $71.50. Lean hog futures were unable to overcome early morning selling pressure despite a strong bounce in the CME lean hog index.
