After the Bell | May 16, 2022

Corn: July corn rose 28 1/4 cents to $8.09 1/2 and December rose 16 3/4 cents to $7.65 1/2. Corn futures joined an explosive move higher in wheat prices. Delayed U.S. planting remains supportive to new-crop futures. USDA late today said 49% of the corn crop was planted as of Sunday, up from 22% a week earlier but behind the 67% average for the previous five years. Progress met analysts' expectations.

Soybeans: July soybeans rose 10 cents to $16.56 1/2, the contract’s highest close since April 29. November soybeans rose 13 3/4 cents to $15.12. July soymeal rose $4.30 to $413.60 and July soyoil fell 80 points to 82.99 cents. USDA said the U.S. soybean crop was 30% planted as of Sunday, up from 12% the a week earlier but behind the 39% five-year average. Analysts expected planting progress of about 29%.

Wheat: July SRW wheat futures rose the 70-cent daily trading limit to $12.47 1/2, a two-month closing high, after India banned most wheat exports to manage domestic food security and prices. July HRW wheat closed limit-up at $13.52, the highest for a nearby contract since February 2008. July spring wheat rallied 60 cents to $13.85 and posted a contract high for a fourth consecutive day.

Winter wheat conditions deteriorated last week amid continued drought. USDA reported 27% of the winter wheat crop in “good” or “excellent” condition as of Sunday, down from 29% a week earlier. Acres rated poor-to-very poor rose to 41% from 39%.

Cotton: July cotton rose 545 points to 150.65 cents per pound, the contract’s highest close since May 4. Cotton soared behind spillover from strong gains across other major commodities, with wheat prices soaring to 14-year highs and Nymex crude oil rallying near $114 per barrel.

Cattle: June live cattle gained $1.10 to $133.175, while August feeders fell 60 cents to $167.425. Live cattle were supported by corrective buying, aided partly by spillover from strong gains in the hog market. Big discounts in nearby live cattle to the cash market also encouraged corrective buying. Choice cutout values rose $1.36 to $260.31, a two-week high, but movement was light at 95 loads.

Hogs: June lean hog futures rallied $3.075 to $103.825 and July hogs gained $3.60 to $104.80. Corrective bargain-hunting helped hog futures extend a sharp rebound from 3 1/2-month lows last week. Pork cutout values rose 38 cents to a one-week high of $101.55 on strong movement of nearly 357 loads. The CME lean hog index is projected to fall 42 cents to $100.07 Tuesday (as of May 13).