After the Bell | January 6, 2023
Corn: March corn futures settled 1 1/4 cents higher at $6.54 but fell 24 1/2 cents for the week. New-crop December futures slipped 1/4 cent to $5.91 and dropped 19 3/4 cents for the week. Bears seized solid near-term control of the market this week as corn futures broke down technically, which could lead to followthrough selling early next week.
Soybeans: March soybeans futures rose 21 3/4 to $14.92 1/2 but were down 31 1/2 cents for the week. March soymeal rose $12.70 to $477.60, a $6.60 increase over last week, while March soyoil firmed 75 points to 63.17 cents. Soybeans posted corrective gains to end the first week of the new year after facing sharp selling in the previous three sessions.
Wheat: March SRW wheat futures fell 3 1/4 cents to $7.43 1/2 cents, which was down 48 1/2 cents for the week. March HRW wheat futures dropped 7 3/4 cents to $8.32 and fell 56 cents for the week. March HRS futures declined 7 1/4 cents to $9.01 3/4 and dropped 37 cents for the week. The sharp losses and weekly low-range closes in wheat futures open the door to followthrough selling next week.
Cotton: March cotton rose 310 points to 85.68 cents, marking a high range close and finishing 277 points higher for the week. Cotton ended the first week of the year sharply higher after the U.S. dollar index reached its highest level since Dec. 1 but fell abruptly by midsession.
Cattle: Live cattle futures declined Friday, with nearby February live cattle dipping 57.5 cents to $156.775. That marked a weekly slide of $1.125. Most-active March feeders fell 90 cents to $185.65, which represented a weekly decline of 57.5 cents. Feedlot managers in the Southern Plains reportedly took steady money, around $157.00, for their cattle Thursday, whereas producers in the north were still holding out for higher prices early today.
Hogs: Continued cash losses kept hog futures under pressure Friday, with nearby February diving $2.25 to $80.275 at the close. That represented a weekly drop of $7.425. Despite the cash hog market’s strong history of turning higher immediately after New Year’s Day, the CME Lean Hog Index has continued falling in the new year.
