After the Bell | September 6, 2023
Corn: December corn fell 1/4 cent to $4.85 3/4, ending near the session low. Corn futures rose on early spillover strength from notable gains in the soy and wheat complexes, though momentum faded into late-morning as the U.S. dollar index pushed to a six-month high.
Soybeans: November soybeans rallied 11 1/4 cents before closing at $13.76 1/4. December soybean meal futures closed $1.60 higher at $399.2 but ended nearer the session low. December soyoil futures fell 43 points to 62.38 cents. Soybean futures gapped higher overnight and continued to show strength throughout the session, though closed off intraday highs.
Wheat: December SRW wheat rose 9 3/4 to $6.09, a mid-range close, while December HRW wheat rose 25 cents to $7.49 1/2, above the 10-day moving average. December spring wheat rose 20 1/4 cents to $7.82 1/2, a high-range close. SRW wheat futures were able to extend Tuesday’s follow-through strength, with HRW wheat futures leading the complex higher.
Cotton: December cotton futures fell 176 cents points, closing at 87.00 cents. Cotton fell under pressure today despite a surging crude oil market.
Cattle: Nearby October live cattle futures soared $2.75 to $182.70 Wednesday, while October feeder futures jumped $2.175 to $256.475. The supply of market-ready fed cattle supplies apparently remains quite tight, which in turn may force packers to pay up for those cattle in the days ahead despite their desperate efforts over the past two months to gain the edge over feedlot operators.
Hogs: Anticipation of sustained cash weakness seemed to depress hog futures again Wednesday, with the nearby October contract tumbling $1.30 to $81.875. Despite signs of firmness in cash prices, as well as a big Tuesday jump in pork cutout, the nearby October hog contract led hog futures lower Wednesday.
