After the Bell | December 11, 2023
Corn: March corn fell 4 cents to $4.81 1/2, the lowest close since Nov. 29. Corn futures extended Friday’s weakness, notching mild losses amid a lack of supportive news.
Soybeans: Soy complex futures posted strong gains to start the week, with January soybeans up 32 cents to $13.36, January meal futures $8.50 higher to $413.20 and January soyoil up 91 points to 51.11 cents. Soybeans were supported by Brazilian weather concerns as weekend rainfall was less than desired across many of the dry areas of central and northeastern Brazil during the weekend.
Wheat: March SRW wheat fell 22 1/4 cents to $6.09 1/2. March HRW wheat closed down 28 3/4 cents to $6.32 1/4. March HRS futures dropped 17 3/4 cents to $7.11 3/4. Wheat futures closed near their session lows. The winter wheat markets saw followthrough technical selling pressure from last Friday’s losses.
Cotton: March cotton rose 56 points to 82.00 cents, a near mid-range close. Cotton futures etched narrow short-covering gains to start the week, driven largely by technical forces.
Cattle: February live cattle rose $2.175 to $167.90, closing near the session high. January feeder cattle gained $2.65 at $217.95 and near the session high. Short covering was featured in live and feeder cattle futures markets today after the markets last Thursday hit new lows for the year.
Hogs: December lean hog futures settled 17.5 cents lower at $68.25. February futures dropped $1.65 to $67.325. Lean hog futures tried to work higher early in today’s session but buyer interest proved light and the market rolled over.
