After the Bell | October 4, 2023
Corn: December corn fell 1 1/2 cents to $4.86, a mid-range close. Corn futures met the headwinds of plummeting crude oil futures and softening SRW wheat head on, with an additional daily export sale lending a morsel of optimism.
Soybeans: November soybeans rose 1/4 cent to $12.73 and nearer the session low. December soybean meal rose $0.30 to $372.00 and nearer the session low. December bean oil lost 114 points at 55.99 cents and nearer the session low. The big drop in crude oil prices today forced the soybean complex bulls to mostly stand on the sidelines at mid-week.
Wheat: December SRW futures fell 8 1/2 cents before settling at $5.60, near mid-range. December HRW futures fell 16 3/4 cents and closed at $6.66 1/2. December spring wheat futures fell 13 3/4 cents to $7.11 3/4. Wheat futures fell sharply in overnight trading before rebounding slightly after the open, though bulls were unable to garner much momentum as prices ultimately fell on the session.
Cotton: December cotton fell 42 points to 87.01 cents, ending below the 10- and 20-day moving averages. December cotton futures posted modest losses for the second straight day despite heavy selling in crude oil futures.
Cattle: Cattle futures rebounded from early follow-through losses Wednesday, with the October and December contracts rising 7.5 cents and 37.5 cents to $182.20 and $186.025, respectively. The recent breakdown in cattle futures, which carried most-active December down from last Thursday’s high of $191.50 to $185.65 at Tuesday’s close, sparked rather active cash trading.
Hogs: December lean hog futures rallied 10 cents on the session to $69.175, while nearby October futures fell 5 cents to $79.925. Lean hog futures reversed early morning selling pressure to close higher on the day, as supportive outside markets led to more risk tolerance on Wednesday.
