After the Bell | October 9, 2023
Corn: December corn fell 3 3/4 cents to $4.88 1/4, near the session low. Following a bout of mild overnight strength, December corn futures reversed to the session low, despite persisting gains in SRW wheat and a strong rally in crude oil futures.
Soybeans: November soybean futures fell 1 3/4 cents to $12.64 1/4 after trading in a volatile session. December soybean meal futures rose $2.50 before settling at $374.60. December soybean oil fell 142 points to 53.93 cents. Soybean futures were unable to hold onto overnight gains from ongoing geopolitical tensions and turned lower at this morning’s open, but eventually closed off intrasession lows.
Wheat: December SRW wheat rose 4 1/2 cents to $5.72 3/4 and nearer the session low. December HRW wheat closed up 12 1/4 cents at $6.86 and nearer the session high. December spring wheat futures rose 10 1/2 cents to $7.31 and nearer the session high. The wheat futures markets today saw short covering from recent selling pressure.
Cotton: December cotton fell 18 points to 86.96 cents, near the session low after trading the highest level since Sept. 29. December cotton futures began the overnight session with strong gains amid a surge in crude oil futures following intensified geopolitical tensions in the Middle East.
Cattle: December live cattle dropped $1.325 to $185.35 and nearer the session low. November feeder cattle fell $1.225 to $249.65 and nearer the session low. The major flare-up of violence in the Middle East over the weekend cast a pall over the marketplace today and sapped trader/investor risk appetite.
Hogs: December lean hog futures fell $1.10 to $72.475 and closed near the session’s midpoint. Nearby October futures fell 35 cents to $81.975 and are set to expire on Friday. Lean hog futures gapped lower on this morning’s open but rebounded and closed near the highs.
