After the Bell | February 12, 2024
Corn: March corn rose 1 1/2 cents to $4.30 1/2, a near mid-range close. Corn futures touched a fresh contract low following the open this morning, though short covering efforts lifted the grain and soy complexes throughout the session.
Soybeans: March soybeans surged 9 1/2 cents to $11.93, closing nearer session highs. March soymeal closed $2.1 higher to $348.90, after trading as high as $355.9. March soyoil dropped 36 points to 46.90 cents. Soybeans made up all of Friday’s losses but continued to struggle against initial resistance.
Wheat: March SRW wheat closed up 3/4 cent at $5.97 1/2. March HRW wheat closed down 2 3/4 cents at $5.98 3/4. Prices closed nearer their mid-ranges. March spring wheat futures fell 1 3/4 cents to $6.82 1/2. The winter wheat futures market spent another session languishing in choppy and sideways trading at lower price levels.
Cotton: March cotton fell 125 points to 90.53 cents, but still ended high-range. December cotton rose 8 points to 83.30 cents and closed higher for the eleventh straight session. March cotton futures edged lower for the first session in five amid mild profit-taking in the wake of last week’s strong gains.
Cattle: April live cattle fell 80 cents to $185.925 and nearer the session low. Prices hit a three-month high early on. March feeder cattle closed up $1.675 at $248.825, near mid-range and hit a 3.5-month high early on. The live cattle futures market saw some routine profit-taking pressure from the speculators today, while the feeder cattle futures bulls continue to power ahead.
Hogs: April lean hog futures fell 2.5 cents before settling at $81.125, near mid-range. Lean hogs pivoted around unchanged as the outlook is uncertain in cash fundamentals, leading to choppy futures trade.
