After the Bell | January 27, 2023
Corn: March corn futures ended 1/2 cent higher at $6.83, which was up 6 3/4 cents for the week. Funds were buyers of corn this week, despite improved weather in Argentina, which helped fuel the modest weekly gains.
Soybeans: March soybeans fell 14 cents to $15.09 1/2, ending the session below the 10-day moving average, but up 3 cents on the week. March meal dropped $3.60 to $473.50 and March soyoil fell 17 points to 60.62 cents. Soybeans ended mildly lower after making notable gains in the previous two sessions and on the week as traders assess the implications of persisting hot, dry weather and recent rains in Argentina.
Wheat: March SRW wheat futures dropped 2 1/2 cents to $7.50, though that was a gain of 8 1/2 cents on the week. March HRW wheat firmed 4 1/2 cents to $8.69 1/4, which was up 21 1/4 cents for the week. March HRS futures rose 3 1/2 cents to $9.21 1/2 and finished 8 3/4 cents higher for the week. Bitter cold temps will move into the central U.S. during the weekend and the first part of next week.
Cotton: March cotton fell 61 points to 86.89 cents after trading as low as 86.11 cents. The contract finished 19 points higher on the week. Cotton futures notched slightly lower, though notable support was provided this week from stronger-than-expected U.S. economic data.
Cattle: Nearby February live cattle ended Friday unchanged at $156.725; that marked a weekly rise of 10 cents. With the January future expiring at $179.575 Thursday, nearby March feeder futures advanced 62.5 cents to $183.475, which represented a $2.50 weekly advance. Beef packers proved able to force cash prices lower again this week, with the Monday-Thursday average for the five direct-market areas falling $1.23 to $153.84.
Hogs: Nearby February hog futures fell $1.15 to end the week at $75.875. That represents a weekly decline of $1.95. The cash hog market has seemingly found a bottom, with the lean hog index dipping to $72.13 on Monday, then edging higher three days to bring Thursday’s preliminary figure up to $72.64.
