After the Bell | December 1, 2023
Corn: March corn futures rallied 2 cents before ending the day at $4.84 3/4, marking a 2 1/4 cent gain on the week. Corn futures struggled to hold onto midsession gains as soybeans faced selling into the close.
Soybeans: January beans fell 16 3/4 cents to $13.45 1/2 but gained 14 3/4 cents on the week. January meal plunged $11.30 to $412.70 and gave up $21.40 from a week ago. January soyoil fell 81 points to 51.45 cents but gained 116 points week-over-week. Soybean futures ended the week in consolidative fashion as the near convergence of 10- and 100-day moving averages served as headwinds for bulls, while the 40- and 200-day moving averages barred a strong downside move.
Wheat: March SRW wheat futures rose 4 3/4 cents to $6.02 3/4 and near mid-range. For the week, March SRW rose 23 1/2 cents. March HRW wheat futures gained 3 3/4 cents to $6.46 3/4, nearer the session high, and for the week up 35 1/4 cents. March spring wheat rose 3/4 cents to $7.30 1/4 and gained 15 3/4 cents on the week. Friday’s technically bullish weekly high closes in winter wheat futures are one chart clue they have put in market bottoms.
Cotton: March cotton fell 64 points to 79.42 cents and gave up 157 points on the week. Cotton futures ended the week in subdued trade, with bull efforts hemmed by overhead resistance despite a solid rally in equities and a weaker U.S. dollar.
Cattle: February live cattle futures fell $2.70 to $169.125, near the session low and on the week lost $1.85. January feeder cattle futures dropped $5.525 to $214.425, near the daily low and for the week down $4.90. Heavy technical selling pressure was featured in the cattle futures markets today.
Hogs: Expiring December hog futures edged 17.5 cents lower to $68.60 Friday, while most-active February futures led the deferred contracts lower. February hogs ended the week at $70.10, marking a daily drop of $1.375 and a weekly rise of $1.325. The hog market remains seasonally weak, with traders anticipating little in the way of strength before next spring.
