After the Bell | October 18, 2023

After the Bell | October 18, 2023 Soymeal strength lifted soybean futures, while increasing signs the wheat complex has carved interim lows spurred buying in grains.

After the Bell
After the Bell
(Pro Farmer)

Corn: December corn rose 3 cents to $4.92, a high-range close. Corn futures were able to make a move back above the 10-day moving average amid spillover strength from increasing gains in SRW wheat and soybean futures.

Soybeans: November soybeans rose 14 1/4 cents at $13.11, near the session high and hit a three-week high. December soybean meal gained $14.00 at $413.80, near the session high and hit a six-week high. December bean oil fell 49 points to 54.86 cents and nearer the session low. The soybean market was pulled higher today by a strong soybean meal futures market that is presently on fire.

Wheat: December SRW rallied 9 3/4 cents before closing at $5.80 1/4. December HRW rose 3 3/4 cents before settling at $6.70 1/2, nearer the session low, while December spring wheat rose 5 3/4 cents to $7.33 1/2. Wheat futures surged on the session but remained below Monday’s peak, though recent price action has favored the bulls and indicates an interim low is in place.

Cotton: December cotton rose 101 points to 84.24 cents and near the session high. The cotton futures market today saw a good corrective bounce from recent selling pressure that saw prices earlier today hit a 2.5-month low.

Cattle: Expiring October live cattle futures ended Wednesday having risen 22.5 cents to $185.725, while most-active December gained 32.5 cents to $187.20. The expiring October feeder contract fell $1.675 to $247.125, whereas November feeders slid 72.5 cents to $249.725. The cattle and beef markets continued holding steady Wednesday. As expected, cash market activity Monday and Tuesday was minimal, with only a few head of cattle priced on a dressed basis changing hands.

Hogs: December lean hog futures saw a narrow trading range Wednesday, ultimately rising 47.5 cents before settling at $68.025, nearer the session high. Lean hog futures traded in a tight range throughout the day as cash fundamentals provided little guidance.