After the Bell | March 11, 2022
Corn: May corn futures rose 6 3/4 cents to $7.62 1/2, up 8 1/4 cents for the week. December corn rose 3 1/2 cents to $6.55 1/4, up 25 3/4 cents for the week and a lifetime-high close for the contract. Nearby corn futures gained for the fifth consecutive week amid ongoing concern Russia’s invasion of Ukraine. Russia/Ukraine will continue to be the market’s primary focus next week. While corn market technicals are bullish, May futures failed this week to take out the March 4 contract high at $7.82 3/4, which may signal further sideways trade.
Soybeans: May soybeans fell 10 1/4 cents to $16.76, up 15 1/2 cents for the week. May soymeal fell $6.60 to $477.10 per ton, up $16.70 for the week, while May soyoil rose 135 points to 76.03 cents per pound. The Russia/Ukraine conflict will remain in market focus next week. Further steep declines in wheat futures could spill over into other commodities. Further weakness in crude oil, which tumbled sharply late this week, could also burden the soy complex, though China’s six-week U.S. soybean buying spree may underpin prices.
Wheat: May SRW futures rose 19 1/2 cents to $11.06 1/2, down $1.025 for the week. May HRW futures rose 23 1/2 cents to $10.89 1/4, down $1.25 1/4 for the week. May spring wheat rose 15 1/2 cents to $10.70 1/4, down 76 3/4 cents for the week. Wheat futures capped a historically volatile week that saw May SRW contact trade in a wide of range of $3.20 1/4 and nearby SRW post a record high, as trade monitored Russia’s war with Ukraine and disruption in global grain markets.
Cotton: May cotton jumped 417 points to 121.03 cents per pound, up 461 points for the week and the highest close since March 1. Cotton ended strong after eroding much of this week amid concern that war and high oil prices will lead to recession. U.S. export sales continued falling short of the pace needed to justify USDA’s 2021-22 U.S. export forecast of 14.75 million bales.
Cattle: April live cattle rose $1.40 to $137.30, a gain of $1.525 for the week. April feeder futures surged $1.725 to $157.975, up 72.5 cents for the week. Live cattle futures stabilized after sinking last week to four-month lows, supported by a firmer tone in wholesale beef and an outlook for tight animal supplies. Choice beef values gained 77 cents today to $254.71, up 38 cents from the end of last week. USDA-reported live steers averaged about $138.28 this week, down $2.22 from last week's average and the second straight weekly decline.
Hogs: April lean hogs rose $2.625 to $102.725, up $2.275 for the week. Hog futures showed a bullish resurgence late this week amid signs of another updraft in the cash market. The CME lean hog index rose 65 cents to $99.91, a six-month high, and the preliminary figure for Monday is up another 85 cents. Pork cutout values fell $1.65 to $102.55, a four-week low. Movement totaled 223 loads. Packers slaughtered an estimated 2.475 million head of hogs this week, up 56,000 head from last week but down 108,000 head from the same week in 2021.
