After the Bell | October 23, 2023
Corn: December corn rose 5 1/4 cents to $4.90 1/4, at the session low. Follow through selling in corn futures kicked the week off after widespread rains fell in Argentina and news of increased diplomatic efforts to contain the Israel/Hamas conflict extended crude oil weakness.
Soybeans: January soybeans fell 14 3/4 cents to $13.05 1/2, near the session low. December soybean meal lost $3.40 at $420.50 and near mid-range. Prices hit a four-month high early on. December bean oil closed down 145 points at 51.94 cents and near the session low. Prices hit a four-month low. Good U.S. soybean harvest progress and the related commercial hedge selling pressured the soybean complex futures today.
Wheat: December SRW rose 1 1/4 cents to $5.87 1/2, while HRW rose 3/4 cent to $6.70 3/4. December spring wheat rose 7 cents to $7.37 3/4. Despite a flurry of bearish news, the wheat complex was able to hold onto very slight gains, led mostly by another day of weakness in the U.S. dollar index.
Cotton: December cotton futures rose 133 points to 83.73 cents today and nearer the session high. Cotton futures prices today rebounded on short covering and perceived bargain hunting after hitting a 2.5-month low Friday.
Cattle: Cattle futures plunged on active long-liquidation Monday, with the expiring October live cattle contract diving $6.025 to $178.25 and most-active December futures crashing $6.275 to $178.35. Expiring October feeder futures sank $4.20 to $237.625, with the November contract plummeting $6.425 to $235.80. Last week’s late futures weakness set the stage for today’s follow-through breakdown, with that afternoon’s monthly USDA Cattle on Feed report providing the trigger for strong selling today.
Hogs: Hog futures ended Monday on a mixed note. The nearby December contract gained 17.5 cents to $66.175, while the deferred contracts posted mixed closes. The hog and pork industry continues anticipating a relatively normal seasonal decline from now into mid-December.
