After the Bell | January 19, 2023
Corn: March corn fell 4 cents to $6.77 1/4, near the session low. Corn futures spent the overnight session trading either side of unchanged but was able to work a bit higher following a daily U.S. export sale to Mexico for 195,000 MT, for delivery during the 2022-23 marketing year.
Soybeans: March soybeans fell 9 3/4 cents to $15.14 3/4. March soybean meal declined $6.90 to $471.20. March bean oil closed down 97 points at 63.15 cents. All three markets’ prices closed nearer their session lows. More routine profit-taking from the shorter-term speculators was featured today after soybean futures prices hit a seven-month high and meal futures scored a contract high on Wednesday.
Wheat: March SRW fell 8 cents to $7.34 1/2, the lowest close since Jan. 10. March HRW fell 9 1/2 cents to $8.32, while March spring wheat rose 3 cents to $9.04. SRW futures found moderate support early in the session but failed to hold onto gains despite supportive outside markets as crude oil futures continue to linger around $80.00 per barrel while the U.S. dollar index grinds sideways to lower.
Cotton: March cotton fell 142 points to 83.39 cents and near the session low. The cotton futures market today fell victim to keener risk aversion in the general marketplace, as U.S. and/or global economic recession fears have up-ticked a bit this week following downbeat U.S. retail sales numbers Wednesday and weaker economic data coming out of China earlier in the week.
Cattle: Cash weakness triggered fresh selling in cattle futures Thursday, with nearby February futures dropping 85 cents to $155.95 and most-active March feeder futures diving $1.625 to $180.10. Beef packers apparently persuaded a Nebraska feedyard manager to take about $3.00 less for his cattle Wednesday, with the $153.33 price triggering active futures sales and likely setting the stage for weaker cash trading across the Plains today and tomorrow.
Hogs: The hog market continued losing ground Thursday, with the nearby February contract falling 67.5 cents to $76.65. The hog and pork complex’s holiday hangover persisted Thursday, with the nearby February contract posting its thirteenth decline in the past fifteen trading sessions.
