After the Bell | June 25, 2024

After the Bell | June 25, 2024

After the Bell
After the Bell
(Pro Farmer)

Corn: December corn futures closed down 8 3/4 cents to $4.43 and nearer the session low. Prices hit a more-than-1.5-year low today. Chart-based selling pressure from the speculators hammered the corn market again today.

Soybeans: November soybeans fell 19 cents to $11.11 1/2, a near three-year-low close, while August soymeal fell $6.20 to $352.10, closing nearer the session low. August soyoil fell 76 points to 43.03 cents. Soybean bears took back gains acquired over the past two sessions, as meal futures pressured the complex amid looming techincal headwinds.

Wheat: December SRW futures sunk 11 1/2 cents to $5.82 3/4 and settled on session lows. December HRW futures fell 5 1/2 cents to $5.96 and closed nearer session lows. September HRS futures closed 9 1/4 cents lower at $6.03 1/2. Wheat futures continue to undergo heavy selling pressure and are heavily oversold on the daily bar chart.

Cotton: December cotton rose 168 points to 75.07 cents, marking a high-range and near one-month-high close. Cotton futures expanded Monday’s strength above the 20- and 40-day moving averages for the first time in nearly a month, despite minimal outside markets support.

Cattle: August live cattle futures fell 40 cents to $184.425 though deferred contracts posted gains. August feeder cattle futures firmed 15 cents to $259.05. Live cattle futures traded on both sides of unchanged today as traders anticipate forthcoming weakness following last week’s record cash cattle average.

Hogs: August lean hogs rose 2 1/2 cents to $86.75 though closed nearer the session low. Bearish cash hog market fundamentals continue to pressure the futures market.