After the Bell | November 6, 2024

After the Bell

After the Bell
After the Bell | November 6, 2024
(Pro Farmer)

Corn: December corn rallied 7 3/4 cents to $4.26 1/4, the highest close since Oct. 3. A surging U.S. dollar to a four-month high did little to deter corn bulls at midweek, with December futures impressively shaking off overnight weakness.

Soybeans: January soybeans rose 2 cents to $10.03 3/4, near the session high. December soybean meal fell $1.10 to $298.40, nearer the daily high and hit a contract low early on. December soybean oil rose 135 points to 46.34 cents, nearer the session high and hit a four-month high. Soybean and meal futures saw limited buying interest today due in part to worries that a Trump presidency would see more trade tariffs against China, a major U.S. soybean buyer.

Wheat: December SRW wheat rose 3/4 cent to $5.73 1/4, while December HRW fell 2 3/4 cents to $5.74. Both marked high-range closes. December HRS futures fell a nickel to $6.05 1/2. While wheat futures were able to rally from overnight selling, the response was a bit more muted in comparison to corn and soybean futures.

Cotton: December cotton fell 26 points to 69.69 cents, nearer the daily high and hit a seven-week low early on. The cotton market saw mild selling pressure today following a Trump victory for president, which may see the new administration enacting new trade tariffs against China.

Cattle: Cattle and feeder futures rebounded from recent losses Wednesday, with nearby December live cattle rising 62.5 cents to $185.40 at the close. Expiring November feeder futures jumped $1.55 to $247.70, while most-active January feeders ran up $1.675 to $244.025. The cattle and feeder markets remain quite high by historical standards but are showing signs of short-term weakness.

Hogs: December lean hog futures surged $1.00 higher to $82.125 and settled near session highs. Hog futures rebounded today as persistent contra-seasonal has traders wary of extending discounts already built into nearby futures.