After the Bell | September 19, 2023
Corn: December corn futures rose 4 3/4 cents to $4.76 1/4 and near the session high. Prices hit a two-year low early on. The corn futures market saw mild support and short covering following a weekly USDA crop progress report Monday afternoon that leaned slightly bullish.
Soybeans: November soybeans fell 1 1/4 cents to $13.15 1/2, marking a mid-range close, while December meal rose $1.30 to $389.20. December soyoil fell 65 points to 60.29 cents. Soybean futures marched lower for the third straight session, though losses across the grain and soy complex were limited by a weaker U.S. dollar and crude oil strength.
Wheat: December SRW wheat futures fell 7 1/4 cents to $5.84 and nearer the session low. December HRW wheat closed down 4 cents at $7. 31 and near mid-range. December spring wheat futures rose 2 1/4 cents to $7.79 3/4. The wheat futures markets were pressured today by more technical selling and as beneficial rains have fallen and are in the forecast for much of U.S. wheat country.
Cotton: December cotton rose 52 points to 87.52 cents, notching a close above the 10- and 20-day moving averages. December cotton futures were able to extend Monday’s gains amid spillover strength from crude oil futures, which notched a 10-month high, and a weaker U.S. dollar.
Cattle: October live cattle futures fell 65 cents today before closing at $185.675. October feeder futures led the complex lower, falling $1.60 to $259.35. Cattle futures faded early morning gains that brought the October future to a fresh all-time high, ultimately closing lower on the day.
Hogs: The nearby contracts led hog futures higher Tuesday, with October surging $1.60 to $84.85. The latest hog numbers don’t seem terribly supportive, but that didn’t stop CME futures from rising substantially.
