After the Bell | October 3, 2023
Corn: December corn futures fell 1 1/4 cent at $4.87 1/2, ending nearer the session high. The corn market saw mild selling pressure today amid keener risk aversion in the general marketplace as the U.S. stock indexes sold off and U.S. Treasury yields continue to climb.
Soybeans: November soybeans fell 4 1/4 cents to $12.72 3/4, a high-range close after trading at the lowest intraday level since June 28. December meal fell $2.60 to $371.70, marking the lowest close since June 12. December soyoil fell 30 points to 57.13 cents. Soybean futures fell amid a third day of strong selling in meal futures but were able to make a remarkable rebound from the intraday low.
Wheat: December SRW wheat rose 3 3/4 cents to $5.68 1/2, a near mid-range close. December HRW wheat gained 6 1/2 cents to $6.83 1/4, marking a high-range close. Spring wheat rose 6 3/4 to $7.25 1/2. The winter wheat futures markets today saw tepid short covering after prices last Friday hit new for-the-move lows.
Cotton: December cotton fell 32 points to 87.43 cents, marking a mid-range close. December cotton futures were seemingly unimpressed by the U.S. dollar’s move to a near 11-month high this morning.
Cattle: December live cattle futures fell $2.70 to $185.65, while nearby October futures dropped $2.30 to $182.125. November feeder cattle futures led the complex lower today, plunging $5.35 before settling at $250.35. Nearby October futures dove $4.725 to $248.60. After trading in the same sideways range for over two weeks, live cattle futures succumbed to intense selling pressure Tuesday in a move that has negated much of the recent bullish momentum.
Hogs: Pessimism about the fourth-quarter outlook undercut hog futures Tuesday, although the expiring October contract edged up 12.5 cents to $79.975. Most-active December futures fell 42.5 cents to $69.075. The cash hog and wholesale pork markets have not proven particularly weak to start this week.
