After the Bell | March 27, 2024
Corn: May corn extended 5 3/4 cents lower to $4.26 3/4, marking a more than three-week low close. A gap lower at the overnight open set the tone for today’s price action, while outside market pressure added insult to injury to the corn market.
Soybeans: May soybeans fell 6 1/2 cents before settling at $11.92 1/2, nearer session lows. May meal futures dropped 80 cents to $339.0. May bean oil futures slipped 75 cents to 47.67 cents, nearer session lows. Soybeans faced mild selling pressure though closed off session lows as traders positioned for tomorrow’s USDA reports.
Wheat: May SRW wheat rose 4 cents to $5.47 1/2. May HRW wheat closed up 1 cent at $5.78 1/4. Prices closed nearer their session highs. May spring wheat futures rose 3 3/4 cents to $6.51. The winter wheat futures markets today saw some position evening and short covering ahead of Thursday morning’s important USDA planting intention and quarterly grain stock reports.
Cotton: May cotton futures dropped 264 points before settling at 90.77 cents to mark the lowest close since Feb. 8. Cotton futures underwent heavy selling following corrective buying early this week, as little has fundamentally changed in regard to disappointing demand.
Cattle: June live cattle rose 30 cents to $178.675 and near the session high. May feeder cattle closed up $1.025 at $248.275 and near the session high. Live cattle and feeder cattle futures markets posted corrective rebounds today following strong selling pressure on Monday and Tuesday.
Hogs: Nearby April hog futures led the summer contracts higher Wednesday. It climbed 52.5 cents to $86.10, while most-active June rose 25 cents to $101.60. The cash hog and wholesale pork markets continue exhibiting considerable strength.
