After the Bell | February 15, 2024
Corn: March corn fell 6 1/2 cents to $4.17 3/4, a fresh contract low close. Corn futures continued to slide lower amid broad selling across the grain and soy complex despite support from a weaker U.S. dollar and returned rally in crude oil futures.
Soybeans: March soybean futures dropped 8 1/4 cents to $11.62 1/4 after marking a fresh for-the-move low. March soymeal settled $3.80 lower to $339.50, nearer session low. March soyoil slipped 35 points to 46.00 cents. Soybean futures continue to face steady selling pressure, hitting a three-year low on the continuation chart.
Wheat: March SRW wheat fell 18 1/2 cents to $5.67, near the session low and hit a 2.5-month low. March HRW wheat dropped 12 cents to $5.75 3/4, nearer the session low and hit a contract low. March spring wheat futures slipped 4 1/2 cents to $6.58. The winter wheat futures markets were hit again today by technical speculator selling pressure amid fully bearish near-term charts.
Cotton: March cotton futures surged 115 points to 94.63 cents, the highest close in 16 months on the continuation chart. Cotton futures continue to show impressive strength despite floundering outside markets.
Cattle: April live cattle rose $1.60 to $185.60 and near the session high. March feeder cattle gained 87 1/2 cents to $247.10, also near the session high. Live and feeder cattle futures markets were boosted today by still-bullish near-term technicals that invited more speculator buying interest.
Hogs: Hog futures could sustain only a portion of early-Thursday gains. Nearby April futures ended the day 47.5 cents higher at $85.00. The hog and pork situation still looks quite supportive of the late-winter/spring outlook.
