After the Bell | April 19, 2024
Corn: May corn futures rose 6 3/4 cents at $4.33 1/2 and near the session high. For the week, May corn lost 2 cents. Friday’s good gains and technically bullish weekly high close set the table for some follow-through buying interest Monday.
Soybeans: May soybeans rallied 16 1/4 cents to $11.50 1/2 at Friday’s close, but still lost 23 1/2 cents on the week. May soymeal firmed $5.70 to $343.70, but still lost 70 cents week-over-week. May soyoil rose 26 points to 44.38 cents but gave up 151 points from a week ago. Short-covering was the theme across the soy complex to end the week after facing notable selling efforts through most of the week.
Wheat: May SRW wheat futures rose 13 1/2 cents to $5.50 1/4 and nearer the session high. For the week, May SRW lost 5 3/4 cents. May HRW wheat futures rose 4 1/4 cents to $5.81 1/2 and near mid-range. For the week, May HRW fell 8 1/4 cents. Spring wheat futures rose 8 1/4 cents to $6.47 and gained 4 1/4 cents on the week. The winter wheat futures markets saw more short covering to end the trading week.
Cotton: May cotton rose 59 points to 78.69 cents/pound but tumbled 393 points on the week. Most active July futures firmed 41 points to 81.02 cents but lost 357 points week-over-week. The month of April has proven vastly bearish for cotton futures, with the most-active July contract closing lower eleven of the fifteen trading days so far this month.
Cattle: Expiring April live cattle futures edged up 30 cents to a Friday close of $181.475. Most-active June posted a matching gain to $175.675, which marked a weekly rise of $4.20. April feeder futures skidded 27.5 cents to $241.325, whereas May feeders declined 55 cents to $242.00. The latter move represented a $7.80 weekly surge. The cattle and beef complex ended the week on a mixed note, with nearby fed cattle futures edging higher while the deferred contracts and feeder futures posted modest declines.
Hogs: Hog traders apparently ended this week expecting renewed strength next week. Most-active June futures surged $2.125 to post a Friday close at $104.825. That represented a weekly rise of $2.75. The cash hog and pork complex ended the week on a flat-to-mixed note.
