After the Bell | January 23, 2023
Corn: March corn fell 10 cents to $6.66 1/4, ending the session below the 10- and 20-day moving averages and marking the lowest close since Jan. 11. Corn futures took a tumble along with the soy and wheat complex as beneficial rains fell across Argentina over the weekend.
Soybeans: March soybean futures fell 16 1/4 cents to $14.90 1/4, though that was 10 1/2 cents off the session low. March soymeal dropped $1.80 to $461.90. March soyoil firmed 70 points to 62.04 cents. Soybeans and soymeal were pressured by rains late last week and during the weekend across Argentina.
Wheat: March SRW wheat dropped 21 1/2 cents to $7.20 after falling to $7.12 1/2 earlier in the session. March HRW plunged 29 cents to $8.19, while March spring wheat fell 25 cents to $8.87 3/4. The wheat complex plummeted to begin the last full week in January, with HRW futures leading the complex lower as Black Sea export competition remains steady and shipments from Russia increase.
Cotton: Cotton futures posted slight gains on the day, with the March contract firming 69 points to 87.39 cents. On the surface, today’s gains in the cotton market may not seem overly impressive.
Cattle: February live cattle futures rose 85 cents to $157.475 and April live cattle gained 62 1/2 cents to $160.55. Prices closed near mid-ranges today. March feeder cattle rose $2.30 to $183.275 and nearer the session high. Short covering and perceived bargain hunting in the cattle futures markets were featured today, following last Friday afternoon’s neutral-to-bullish USDA Cattle on Feed Report.
Hogs: February lean hog futures fell 25 cents to $77.575 and April hogs lost 27 1/2 cents at $85.45. Prices closed near mid-ranges today. Buyer interest in the lean hog futures market continues to be limited by weak cash hog market fundamentals.
