After the Bell | March 10, 2022

Corn: Corn futures finished mostly 15 to 22 cents higher, with the May contract up 22 3/4 cents t $7.55 3/4. December corn firmed 15 cents to $6.51 3/4. Corn futures stood strong in the face of heavy selling in wheat today, due largely to export demand strength. Old-crop corn sales for the week ended March 3 topped 2.1 MMT (84.4 million bu.), which was a marketing-year high and far greater than expectations for 500,000 MT to 1.2 MMT.

Soybeans: May soybeans closed up 14 1/2 cents at $16.86 1/4 and near mid-range. May soybean meal closed up $9.00 at $483.70, nearer the session high after hitting a contract high of $490.00. May bean oil closed up 53 points at 74.68 cents and near mid-range. Soybean and meal futures were boosted by strong numbers in today’s weekly export sales report from USDA. Soyoil futures saw price gains limited as Malaysian palm oil futures pulled back overnight.

Wheat: Winter wheat futures posted sharp losses, led by a $1.14 1/2 plunge in the May SRW contract, which finished at $10.87. May HRW wheat dropped 48 3/4 cents to $10.65 3/4. May HRS wheat fell 29 cents to $10.55. Daily trading limits revert to 85 cents for winter wheat futures on Friday. Price action was extremely volatile in the wheat market today. Futures gapped lower overnight, rebounded to fill the gaps and then saw buyer interest dry up early in daytime trade. There is no fundamental rhyme nor reason behind price action in the wheat market, as price moves continue to be driven by money flow.

Cotton: May cotton closed down 61 points at 116.86 cents and near the session low. December futures dropped 25 points at 101.44 cents. The cotton futures market wobbled today as Nymex crude oil prices have backed down around $24 a barrel from this week’s 14-year high of $130.50.

Cattle: Cattle futures followed through upon Wednesday’s reversal today, with April live cattle tumbling $1.675 to close at $135.90. April feeder futures plunged $3.90 to $156.25. The broader economic and geopolitical situation seemed to weigh upon cattle futures Thursday.

Hogs: Hog futures were mixed Thursday, as the April contract led the nearby contracts lower with a $1.05 drop to $100.10. Thursday’s mixed futures action seemingly reflected the latest cash and wholesale market action, as well as uncertainty among traders.