After the Bell | November 28, 2023

Corn: March corn futures fell 1 3/4 cents to $4.73 1/2 and near mid-range. Prices hit another contract low. Corn futures bulls were especially disappointed today given the solid rallies in soybeans and wheat.

Soybeans: January soybeans rose 16 3/4 cents to $13.46 1/2, near the session high, while January meal fell $6.10 to $430.50 and January soyoil surged 188 points to 52.94 cents. Soybeans rebounded on corrective buying following a near 50-cent drop over the previous three sessions.

Wheat: March SRW wheat rose 11 cents at $5.72 and near the session high. March HRW wheat closed up 21 1/4 cents at $6.17 3/4. Prices closed near the session high and hit a contract low early on. March spring wheat futures rose 13 1/2 cents to $7.13 1/4. Short covering was seen in the wheat futures markets today after SRW hit a contract low on Monday and HRW scored a contract low this morning.

Cotton: March cotton rose 34 points to 79.60 cents, a mid-range close. Cotton futures spent the session mostly subdued despite a slumping U.S. dollar to a three-and-a-half-month low and a rally in crude oil futures.

Cattle: February live cattle futures jumped $4.00 to $172.825, while nearby December futures rallied $2.875 to $171.65. January feeder cattle futures led the complex higher, rising the daily limit of $8.25 to $221.05. Cattle futures surged Tuesday, making up some of the sharp losses seen in the past couple of sessions, despite weakening cash fundamentals.

Hogs: Hog futures rebounded strongly from last week’s breakdown, with nearby December rising $1.05 to $68.925 and most-active February leading the way higher with a $2.10 jump to $69.025. After having dipped to the mid-$80.00’s area last week, pork cutout leapt $4.58 at Monday’s close to $88.75.