After the Bell | October 27, 2023
Corn: December corn futures rallied 1 1/2 cents to $4.80 3/4 but marked a 14 3/4 cent loss on the week. Corn futures saw little direction today, as prices continue to consolidate near $4.80.
Soybeans: November soybeans rose 17 3/4 cents today and gave up a nickel on the week. December soymeal rose $12.90 to $442.40 and gained $18.50 week-over-week. December soyoil rose 53 points to 52.27 cents but is down 112 points from a week ago. Soybean futures ended the week on good note, with an extended soymeal rally amid strong U.S. demand breathing life into the complex.
Wheat: December SRW wheat futures fell 4 cents today to $5.75 1/2 and near mid-range. For the week prices fell 10 1/2 cents. December HRW wheat futures lost 11 3/4 cents to $6.43 and nearer the session low. Prices hit a two-plus year low today and for the week lost 27 cents. Spring wheat futures lost 4 1/2 cents to $7.19 3/4, marking a 11-cent loss on the week. The winter wheat futures markets were pressured today by news that Ukraine’s new Black Sea shipping corridor has resumed operations following a three-day pause.
Cotton: December cotton futures fell 21 points on the session before settling at 84.38 cents, marking a 198-point gain on the week. Cotton futures faced steady selling throughout the session, but the range stayed fairly tight as the market lacked fresh news to produce price action.
Cattle: December live cattle futures rose $2.90 to $182.225 and nearer the session high. For the week, December cattle still lost $2.40. November feeder cattle futures rose 40 cents to $236.90 and near mid-range. For the week, November feeders lost $5.325. The December live cattle futures bulls made a save today by posting solid gains and producing a technically bullish weekly high close.
Hogs: Nearby December lean hog futures ended the week at $70.475, up $1.85 on the day and $4.475 on the week. The lean hog index continued its seasonal decline this week, but the rate of decline slowed significantly.
