After the Bell | October 20, 2023

Corn: December corn futures fell 9 1/2 cents before closing at $4.95 1/2, settling near the session low, though marking a 2 1/4 cent gain on the week. After followthrough buying overnight and relative strength this morning, corn futures turned lower, ultimately closing below key support as risk markets went largely “risk-off” into the weekend.

Soybeans: November soybeans fell 13 1/4 to $13.02 1/4 but rose 22 cents on the week, while December meal rose 90 cents to $423.90 and gained $33.90 week-over-week. December soyoil rose 28 points to 53.39 cents but gave up 99 points on the week. Mild profit-taking efforts in meal futures following four straight days of gains pressured soybeans to end the week. However, corrective buying efforts in soyoil propped up the complex, ultimately limiting selling efforts.

Wheat: December SRW wheat futures fell 8 cents to $5.86 and near the session low after hitting a five-week high early on. For the week, December SRW gained 6 1/4 cents. December HRW wheat futures lost 6 1/4 cents to $6.70 and near the session low. On the week, December HRW rose 1 cent. December spring wheat fell 8 1/4 cents to $7.30 ¾ but gained 8 3/4 cents on the week. The SRW wheat futures bulls had a good week as a price downtrend on the daily chart was negated and prices pushed above the key 40-day moving average for the first time since early August.

Cotton: December cotton fell 187 points to 82.40 cents and lost 366 points on the week. Cotton futures faced notable selling to end the week, marking a three-month low intraday as demand concerns from China continue to hover over the market, combined with overall risk-off sentiments going into the weekend.

Cattle: December live cattle futures closed down 67 1/2 cents to $184.625 and near the session low. For the week, December live cattle fell $2.125. November feeder cattle futures lost $2.275 to $242.225 and near the session low. Prices hit a nearly four-month low today and for the week dropped $9.35. The late-week slump in the cattle futures markets that included technically bearish weekly low closes Friday set the stage for follow-through technical selling pressure early next week.

Hogs: Hog futures continued their seasonal breakdown Friday, increasing the discounts built into the nearby contracts. Nearby December futures dove $2.00 to $66.00 at Friday’s close; that marked a weekly drop of $3.55. The seasonal drop in cash hog and wholesale pork prices seems likely to continue next week.