After the Bell | February 9, 2023
Corn: March corn futures fell 7 3/4 cents to $6.70 3/4, near the session low to a two-week low. Some chart-based selling pressure was featured in corn futures today, as the price uptrend in March futures has stalled out, emboldening the bears.
Soybeans: March soybeans fell 1/2 cent to $15.19 1/4, ending the session just below the 10-day moving average. March meal surged $13.60 to $495.50 and March soyoil dove 154 points to 59.04 cents. Weaker crude oil futures lent spillover weakness to soyoil, which ultimately suppressed soybeans from overnight highs along with uninspiring weekly export sales.
Wheat: March SRW wheat fell 7 1/2 cents to $7.57 1/4. March HRW wheat dropped 17 cents to $8.79. Prices closed near the session lows. Spring wheat futures dropped 9 cents to $9.17 1/4. The winter wheat futures markets saw some profit taking today after March HRW hit a nine-week high on Wednesday.
Cotton: March cotton rose 13 points to 85.50 cents, below the 10-day moving average. Cotton futures traded choppy to cautiously higher as crude oil weakness capped gains from strong weekly export sales to a marketing year high and a weaker U.S. dollar.
Cattle: Nearby February live cattle futures edged up 2.5 cents to $160.825 today, while most-active April slipped 7.5 cents to $163.625. March feeder futures gained 37.5 cents to close at $186.825. Cash cattle trading again proved light Wednesday, with prices apparently slipping a bit in the process.
Hogs: Expiring February hog futures dipped 10 cents to $75.825, while most-active April fell 75 cents to $83.325. A slowdown in the rate of gain posted by the hog index lately apparently undercut CME hog futures today.
