After the Bell | December 2, 2022
Corn: March corn fell 14 1/4 cents to $6.46 1/4, down 25 cents for the week and the lowest close since Aug. 22. Corn futures broke down technically as the March contract dropped under the November low of $6.53 1/2, the bottom of the past month’s trading range, fueling heavy fund liquidation.
Soybeans: January soybeans rose 8 3/4 cents to $14.38 1/2, up 2 1/4 cents on the week. January soymeal rose $2.50 to $424.10, up $17.80 for the week and the contract’s highest close since Sept. 21. January soyoil fell 216 points to 65.22 cents, the lowest since Oct. 17. Soybeans climbed on corrective buying following sharp losses Thursday, with strength in soymeal and a tight supply outlook supporting prices.
Cotton: March cotton fell 165 points to 83.20 cents, still up 302 points for the week. Cotton futures broke a two-week losing streak as easing Covid restrictions in China fueled hopes for improved export demand.
Cattle: February live cattle futures rose 45 cents to $155.875, up 75 cents for the week. January feeder cattle jumped $1.375 to $182.45, up $4.15 for the week. Cattle futures were supported by expectations for continued strength in cash prices. Live steers averaged $156.08 through this morning, up 1 cent from last week’s average. Wholesale beef extended a slump, as Choice beef cutout values fell $3.64 to $249.93, down $1.90 for the week and a seven-week low.
Hogs: February lean hog futures surged $1.225 to $90.425, up. $1.925 for the week and the contract’s highest close since Nov. 17. Hog futures posted a strong weekly advance amid signs the cash market may be close to a near-term bottom. Wholesale pork also showed signs of bottoming. Pork cutout values rose $2.42 to $88.94, up $1.31 for the week.
