After the Bell | January 22, 2024
Corn: March corn rose 1/4 cent to $4.45 3/4, a low-range close. Corn futures captured marginal corrective gains for the third straight session amid a U.S. dollar weakness and crude oil rally.
Soybeans: March soybeans rallied 11 cents before closing at $12.24 1/4, near session highs. March soymeal closed 70 cents lower to $355.8, after trading as low as $351.4. March soyoil futures surged 126 points to 48.16 cents, closing near session highs. Soybean futures notched corrective gains but failed to take out Friday’s high.
Wheat: March SRW wheat closed up 3 1/4 cents at $5.96 1/2 and nearer the session high. March HRW wheat fell 1 cent to $6.07 and near mid-range. March spring wheat futures rallied 5 cents to $7.00 1/2. It was a quieter start to the trading week in the wheat futures markets.
Cotton: March cotton rose 88 points to 84.83 cents and marked the highest close since Oct. 30. Cotton futures extended gains for the fifth straight session to a near-three month high as buying continued in the wake of strong exports shown in USDA’s Weekly Export Sales Report last Friday.
Cattle: April live cattle closed down 47 1/2 cents at $176.90 and nearer the session high. March feeder cattle fell 67 1/2 cents to $231.275 and nearer the session high. The cattle markets to start the trading week saw routine corrective price pullbacks in existing uptrends on the daily bar charts.
Hogs: February lean hogs rallied 17.5 cents to $70.925 following choppy trade. Lean hog futures saw limited volatility and traded most of the session near unchanged.
