After the Bell | November 9, 2023

Corn: December corn futures fell 8 cents before settling at $4.68, nearer the session low. Corn futures dropped to multi-month lows following today’s USDA Crop Production report that pegged production above nearly all analyst estimates.

Soybeans: January soybeans plunged 22 1/4 cents to $13.43 1/2, the largest daily loss since Sept. 29. December meal rose 10 cents to $449.90, marking a high-range close. December soyoil rose 50 points to 50.45 cents, ending nearer the session high. USDA’s November production updates earlier today cast a shadow over soybean futures amid an 0.3 bu. increase in the national yield to 49.9 bu. per acre.

Wheat: December SRW wheat fell 11 1/2 cents to $5.80 3/4. December HRW wheat closed down 7 3/4 cents at $6.47 1/4. Prices closed near mid-ranges today. December spring wheat futures fell 1 cent to $7.34 1/2. The wheat futures markets saw spillover selling pressure today as corn and soybean futures markets suffered solid losses.

Cotton: December cotton futures rallied 163 points on corrective buying before settling at 76.52 cents. Cotton futures surged on Thursday despite an unexpected rise in production in today’s Crop Production report, leading suspicions that recent selling was overdone.

Cattle: Ideas that cattle supplies are set to surge seemed to sink the cattle markets Thursday, with nearby December live cattle diving $5.05 to $174.30 and most-active January feeders plummeting $7.85 to $224.925. Expiring November feeders also tanked by $5.55 to $229.00. Live cattle and feeder futures broke down dramatically Thursday despite the relatively stable cash and wholesale market situations.

Hogs: December lean hogs fell 5 cents to $71.45 and nearer the session low. It was not a bad day for the lean hog futures bulls, given the huge losses suffered in live and feeder cattle futures today.