After the Bell | September 8, 2022
Corn: December corn fell 2 1/2 cents to $6.68 1/2, slightly above the middle of today’s range. Corn fell a second session as the market extended a corrective pullback from 2 1/2-month highs Wednesday. Traders await USDA’s Sept. 12 Crop Production update, which is widely expected to reflect a reduced harvest outlook following extreme heat and dryness in parts of the Midwest this summer.
Soybeans: November soybeans rose 2 1/2 cents to $13.86, after earlier falling to a five-week low at $13.73. October soymeal fell $5.90 to $409.10. October soyoil rose 136 points to 65.04 cents. November soybeans posted a late corrective recovery behind support from a rebound in crude oil futures.
Wheat: December SRW wheat fell 15 1/4 cents to $8.29. December HRW wheat lost 8 1/2 cents to $8.93. December spring wheat fell 1 3/4 cents to $8.98 1/4. Wheat futures fell in a corrective price pullback from eight-week highs posted Wednesday as traders continued to monitor Ukrainian grain shipments.
Cotton: December cotton rose 222 points to 103.84 cents. Cotton futures rose as weakness in the U.S. dollar and strength in U.S. equities and crude oil spurred short covering. Weather in U.S. cotton country leans price neutral.
Cattle: October live cattle rose 12.5 cents to $144.375. October feeder cattle advanced 45 cents to $184.40. Live cattle ended mixed, with the October contract managing a modestly higher close despite signs of further weakness in cash prices.
Hogs: October lean hogs rose $1.05 to $92.125, while deferred contracts ended lower. October hogs rebounded from an initial drop to a two-month low as traders shrugged off continuing cash market weakness and narrowed the lead contract’s gap with the CME lean hog index.
