After the Bell | June 26, 2024

After the Bell | June 26, 2024

After the Bell
After the Bell
(Pro Farmer)

Corn: December corn dropped 6 1/2 cents to $4.36 1/2, near the session low. Corn futures gave up gains notched early in the session, which were likely erased by a surging U.S. dollar.

Soybeans: August soybeans fell 3 1/4 cents to $11.42 1/4 and near the session low. September soybean meal fell $4.60 at $339.40 and nearer the session low. September soybean oil rose 73 points to 43.75 cents and nearer the session high. The soybean and soybean meal bulls are struggling to stabilize their markets but are having only very limited success.

Wheat: December SRW wheat rose 1/4 cent to $5.83, while December HRW wheat rose 3 cents to $5.99, each ending nearer the session low. December HRS futures rose 1/2 cent to $6.22 1/2. Wheat futures eased from earlier highs and extended to a fresh near-term low as the session progressed.

Cotton: December cotton rose 27 points to 75.34 cents, nearer the session high and hit a three-week high. The cotton market bulls continue to work on forging a price bottom but have more work to do in the near term to better suggest such is the case.

Cattle: Live and feeder cattle futures surged again Wednesday, with the expiring June contract leaping $3.45 to $192.925, an all-time high for nearby live cattle futures. Most-active August cattle jumped $2.325 to $186.875. August feeder futures climbed $2.725 to $261.775, with late corn and soy weakness likely contributing to those gains. As indicated earlier this week, the cash cattle market posted a fresh record high last week, which is clearly offering strong underlying support for nearby futures.

Hogs: August lean hog futures jumped $2.225 to $88.975 and settled nearer session highs, while nearby July futures firmed 90 cents to $89.90. Lean hog futures surged on corrective buying efforts, negating the losses seen earlier this week.