After the Bell | February 27, 2023

After the Bell
After the Bell
(Farm Journal)

Corn: May corn fell 5 3/4 cents to $6.43 1/2, near the session and low, posting the lowest close since Dec. 8.  Corn slid lower for the fourth straight session, despite a weaker U.S. dollar as weakening technicals induced additional selling efforts.

Soybeans: May soybeans closed 6 1/2 cents lower at $15.12 3/4. May soymeal closed $1.80 higher at $481.80, in the middle of today’s trading range. May soybean oil closed 88 points lower at 60.34 cents, near the session low. Overnight strength in soybeans faded into the morning session as bears took the reins.

Wheat: May SRW wheat fell 11 3/4 cents to $7.10, the lowest level since September 2021, while May HRW fell 18 1/4 cents to $8.17. May spring wheat closed 14 cents lower at $8.68 1/2. SRW wheat futures persisted lower amid increasing harvest prospects as weekend rains across key U.S. growing regions and optimism around the extension of the Black Sea grain deal.

Cotton: May cotton futures traded in a 170-point range and closed near session highs at 84.80 cents. Cotton futures saw action on both sides of unchanged today with strength towards the close.

Cattle: April live cattle fell 40 cents $164.975 and near the session low on profit taking after hitting another contract high Friday. March feeder cattle gained 10 cents at $189.175 and near mid-range while hitting a six-month high today. Cash market fundamentals remain solid in the cattle futures markets and the charts are also bullish.

Hogs: April lean hogs fell $1.30 at $84.725 and nearer the session low. The lean hog futures market bulls faded to start the trading week, following last Friday afternoon’s mildly bearish USDA Cold Storage data that showed pork stocks up slightly more than average during January, with pork stocks totaling 517.7 million, a 61.3 million-lb. (13.4%) increase from December.

 

 

 

 

 

 

 

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