After the Bell | March 12, 2024
Corn: May corn futures closed steady at $4.41 3/4 and near mid-range. Prices hit another three-week high early on. The corn futures bulls have gained momentum the past couple weeks, to begin to suggest a market bottom is in place.
Soybeans: May soybeans rallied 16 3/4 cents to $11.96, a one-month-high close, while May meal rose $2.00 to $339.20. May soyoil surged 118 points to 47.82 cents, marking the highest close since Feb. 8. Nearby soybeans rallied to the highest intraday level in a month, boosted by an additional downgrade in Brazil’s crop.
Wheat: May SRW futures rose 1/4 cent to $5.47 1/2 in choppy trade. May HRW futures slipped 1 1/2 cents to $5.97 1/4, settling near the session’s mid-point. May spring wheat rose 2 cents to $6.72. Wheat futures continue to see heightened volatility on relative low volume, attempting to forge a low though lacking conviction.
Cotton: May cotton rose a modest 17 points to 95.23 cents, though it was a high-range close. Cotton futures edged sideways in consolidative trade following as technical resistance continued to curb buying.
Cattle: April live cattle futures rallied 65 cents to $188.25, settling near the mid-point of today’s session. April feeder cattle futures firmed $1.025 to $254.125, while nearby March futures rallied 72.5 cents to $248.975. Live cattle were supported by technical buying as April futures bounced off technical support, maintaining the uptrend on the daily bar chart.
Hogs: April lean hogs closed up $2.075 at $85.35 and near the session high. The lean hog futures bulls needed to show fresh power and they did just that today.
