After the Bell | May 1, 2024

After the Bell | May 1, 2024

After the Bell
After the Bell
(Pro Farmer)

Corn: July corn rose 3 3/4 cents to $4.43 1/4, notching a high range close. Corn futures were able to turn positive amid mild corrective buying following three straight days of price pressure despite heavy selling in crude oil futures.

Soybeans: July soybeans rose 7 1/4 cents at $11.70 1/4 and near the daily high. July soybean meal lost $2.90 at $349.00 and near the session high. July bean oil gained 25 points at 43.26 cents and nearer the session low. Soybean futures saw modest gains today but weaker soybean meal prices today and a struggling soybean oil market limited the upside in beans.

Wheat: July SRW wheat fell 4 cents to $5.99 1/4, a near mid-range close. July HRW futures closed 10 1/4 cents lower at $6.25, nearer the session low, while July HRS futures fell 2 cents to $7.02 1/4. Wheat futures pressed lower for the third straight session, though technical support limited selling efforts.

Cotton: July cotton closed down 192 points at 76.51 cents and nearer the session low. The cotton futures market saw more chart-based selling pressure from the speculators today as its technical posture remains bearish.

Cattle: Concerns about potential contamination of the U.S. beef supply seemed to spur fresh selling in the cattle and feeder markets. After opening strongly, nearby June live cattle futures ended Wednesday $1.125 lower at $173.855. May feeder futures plunged $3.15 to $241.425. The cash market for fed cattle started this week quite strongly.

Hogs: June lean hog futures skidded $2.05 to $100.425 and settled on session lows. Nearby May futures sank $1.125 to $93.025. Lean hog futures underwent heavy selling pressure throughout the session, closing at the lowest mark in a month.