After the Bell | October 18, 2023
Corn: December corn rose 3 cents to $4.92, a high-range close. Corn futures were able to make a move back above the 10-day moving average amid spillover strength from increasing gains in SRW wheat and soybean futures.
Soybeans: November soybeans rose 14 1/4 cents at $13.11, near the session high and hit a three-week high. December soybean meal gained $14.00 at $413.80, near the session high and hit a six-week high. December bean oil fell 49 points to 54.86 cents and nearer the session low. The soybean market was pulled higher today by a strong soybean meal futures market that is presently on fire.
Wheat: December SRW rallied 9 3/4 cents before closing at $5.80 1/4. December HRW rose 3 3/4 cents before settling at $6.70 1/2, nearer the session low, while December spring wheat rose 5 3/4 cents to $7.33 1/2. Wheat futures surged on the session but remained below Monday’s peak, though recent price action has favored the bulls and indicates an interim low is in place.
Cotton: December cotton rose 101 points to 84.24 cents and near the session high. The cotton futures market today saw a good corrective bounce from recent selling pressure that saw prices earlier today hit a 2.5-month low.
Cattle: Expiring October live cattle futures ended Wednesday having risen 22.5 cents to $185.725, while most-active December gained 32.5 cents to $187.20. The expiring October feeder contract fell $1.675 to $247.125, whereas November feeders slid 72.5 cents to $249.725. The cattle and beef markets continued holding steady Wednesday. As expected, cash market activity Monday and Tuesday was minimal, with only a few head of cattle priced on a dressed basis changing hands.
Hogs: December lean hog futures saw a narrow trading range Wednesday, ultimately rising 47.5 cents before settling at $68.025, nearer the session high. Lean hog futures traded in a tight range throughout the day as cash fundamentals provided little guidance.
