After the Bell | February 2, 2023

Corn: March corn fell 5 3/4 cents to $6.75 1/4, ending the session just above the session low and 100-day moving average. Corn was led lower by weakness in crude oil futures, which fell to their lowest level since January 11 as pressure from a slightly stronger U.S. dollar weighed on commodities in general.

Soybeans: March soybeans rose 14 cents to $15.34 1/4 and near the session high. March soybean meal gained $7.10 to $491.80, nearer the session high and hitting a contract high. March bean oil closed up 15 points at 60.94 cents and nearer the session high. The soybean and meal markets continue to be the strongest in the grain futures complex.

Wheat: March SRW rose 1 1/4 cents to $7.61 after reaching its highest level since Jan. 4, while March HRW and spring wheat each fell 3 1/2 cents to $8.80 3/4 and $9.22 1/2, respectively. The wheat complex spent most of the session in negative territory after trading mostly higher overnight, though SRW futures were able to end the session mildly positive.

Cotton: March cotton rose 78 points at 86.39 cents and near mid-range. The choppy and sideways price action in the cotton futures market continues, as it has for over two months.

Cattle: Nearby February live cattle futures surged $1.325 to $159.75 Thursday, while most-active April jumped $1.60 to $163.825. March feeder futures leapt $2.675 to $185.925. Anticipation of cash market strength almost surely powered today’s strong cattle futures advance.

Hogs: Expiring February hog futures surged $1.375 to $75.35, while most-active April futures jumped $1.70 to $86.00. As expected, the CME Lean Hog Index for Tuesday slipped 7 cents to $72.51 when officially quoted this morning.