After the Bell | January 4, 2023
Corn: March corn fell 16 3/4 to $6.53 3/4, nearer the session low, marking the lowest close since Dec. 20. Corn faced an additional day of steep losses after gapping lower to start the overnight session with demand concerns intensifying as rising Covid cases in China sent a negative tone across crude oil futures.
Soybeans: March soybeans fell 8 3/4 cents at $14.83 1/2. March soybean meal lost $2.40 at $462.70. March bean oil was down 35 points at 62.85 cents. Prices closed nearer the session lows today. More profit taking was featured in soybeans and meal after soybean prices hit a six-month high and meal a contract high last Friday.
Wheat: March SRW wheat fell 30 cents at $7.45 1/2. March HRW wheat lost 28 1/2 cents at $8.40 3/4. Prices closed near the session lows and hit two-week lows. March spring wheat futures slid 15 3/4 cents to $9.03 1/2. Wheat futures markets today saw heavy selling pressure due to solid losses in the corn market and a major sell off in the crude oil futures market this week.
Cotton: March cotton fell 270 points to 80.44 cents, nearer the session low, marking the lowest close since Dec. 12. Cotton futures turned lower for the second straight session amid spillover pressure from crude oil futures which marked a 3-week low on persisting news of rising Covid cases in China.
Cattle: February live cattle futures rose 42.5 cents to $157.275 Wednesday, while most-active March feeder futures leapt $3.45 to $188.225. Sustained wholesale strength, as well as seasonally bullish expectations, likely lent considerable support to live cattle futures Wednesday.
Hogs: Nearby February lean hog futures led the complex lower Wednesday, dropping $1.00 to $84.075. Sustained cash weakness is apparently undercutting hog futures.
