After the Bell | May 4, 2023

Corn: July corn futures closed 1/2 cent higher at $5.89, near the intraday high. December corn futures fell 2 cents to $5.28 1/2. Corn futures saw buying off this morning’s open following overnight losses, which has been the trend over the last few days. 

Soybeans: July soybeans rose 1/2 cent to $14.17 3/4, near the session high, while July meal fell 30 cents to $424.60. July soyoil fell 16 points to 52.48 cents. Soybeans traded a relatively narrow range, with meal leading the soy complex lower. 

Wheat: July SRW wheat rose 5 1/4 cents to $6.45 and nearer the session high. July HRW wheat gained 13 1/4 cents to $7.98 1/4 and nearer the session high. HRS wheat futures rose 8 1/2 cents to $8.12. The wheat futures markets saw more short covering and perceived bargain hunting today after hitting multi-month lows on Wednesday. 

Cotton: July cotton futures closed up the 300-point daily trading limit at 81.76 cents. July cotton futures closed up the 300-point daily trading limit at 81.76 cents. 

Cattle: June live cattle futures slipped 7.5 cents to $161.575 Thursday, while May feeder futures rose 22.5 cents to $203.655. The fed cattle market stabilized Thursday as the cash market lived down to pessimistic expectations for this week’s outlook. 

Hogs: June lean hogs fell 85 cents to $87.15 and near the session low. The lean hog futures market today fell victim to speculator selling interest following Wednesday’s low-range close and as the charts remain overall bearish.