After the Bell | September 5, 2023
Corn: December corn rose 4 1/2 cents to $4.86, ending the session above the 10-day moving average. Today’s trade found corn futures getting caught in the crossfire of strong crude oil gains and notable strength in the U.S. dollar.
Soybeans: November soybeans fell 4 1/4 cents to $13.65. December soybean meal fell $2.00 and settled at $397.60. December soyoil fell 48 points before closing at 62.81 cents. Soybean futures continue to fall under bearish seasonal pressure despite analysts’ view of a degrading crop.
Wheat: December SRW wheat rose 3 3/4 cents at $5.99 1/4, near mid-range after notching a contract low. December HRW wheat gained 1 3/4 cents to $7.24 1/2. Prices closed near mid-range and hit a two-year low. December spring wheat futures rose 2 1/2 cents to $7.62 1/4. Winter wheat futures saw some tepid short covering as prices languished at lower levels.
Cotton: December cotton fell 119 points to 88.76 cents after marking an intraday low of 87.17 cents. December cotton futures retreated lower on profit-taking following last week’s strong close to a 13-month high.
Cattle: October live cattle fell 20 cents to $179.95 and nearer the session low. October feeder cattle lost 35 cents at $254.30 and near mid-range. The cattle futures markets paused and saw some more price consolidation on the first trading day of the holiday-shortened trading week.
Hogs: Hog futures moved mostly higher Tuesday but couldn’t sustain early highs. Nearby October futures rose 12.5 cents on the day to close at $83.175. The cash hog market continues to suffer from seasonal pressure, as exemplified by the CME confirming last Thursday’s quote of $87.77, down $1.49, indicated by last Friday’s USDA data.
