After the Bell | February 16, 2023
Corn: March corn fell 1/4 cent to $6.76, nearer the session high. Corn futures traded lower throughout most of the session as a stronger U.S. dollar continued to cast a negative tone over grains, despite stable export activity as of late.
Soybeans: March soybeans rose 3/4 cent to $15.26 1/4, marking a mid-range close, while new crop soybeans rose 8 3/4 cents to $13.83 3/4. March soymeal ended the session mostly flat, with a mere 50 cent gain to $491.60. March soyoil rose 66 points to close at 61.90 cents. Soybeans traded in a narrow, choppy range as the U.S. dollar weighed on commodities through much of the session, along with unenthusiastic export sales.
Wheat: March SRW fell 4 1/4 cents to $7.65, ending the session below the 10-day moving average, while March HRW and March spring wheat each rose 4 cents to $8.98 1/2 and $9.28 3/4, respectively. SRW wheat futures posted losses for the third consecutive session as a stronger U.S. dollar and Black Sea supply uncertainty looms.
Cotton: March cotton futures fell 130 points to 81.25 cents. May cotton dropped 87 points at 82.00 cents and nearer the session low, also hitting a five-week low. Technical selling pressure was evident in the cotton futures market again today, following Wednesday’s solid losses.
Cattle: Expiring February live cattle futures edged up 22.5 cents to $162.775 today, while most-active April sank 55 cents to $164.075. March feeder futures tumbled $1.10 to $186.225. Bears clearly remain less than impressed with the prospects for sustained live cattle gains, as indicated by the today’s April futures setback in the face of consistently bullish news.
Hogs: April lean hog futures fell 72 1/2 cents to $85.775 and nearer the session high. The lean hog futures market today saw more chart consolidation after recent gains. Bulls still have confidence the cash hog and futures markets have established near-term bottoms.
