After the Bell | May 19, 2023
Corn: July corn futures fell 3/4 of a cent on the session to $5.54 1/2, while falling 31 3/4 cents on the week for the biggest weekly drop since July 2022. Corrective buying propped up prices in this morning’s trade, but sellers prevailed in the latter half of today’s session.
Soybeans: July soybeans fell 26 cents to $13.07 1/4, losing 82 3/4 cents on the week. July meal fell $5.00 to $409.10, a $23.80 loss on the week, while July soyoil fell 2 points to 47.27 cents, a 225-point loss week over week. The soybean sell off seemingly stabilized, though meal pressure robbed overnight gains from the complex.
Wheat: July SRW wheat fell 6 3/4 cents to $6.05 and near the session low. Prices hit a more-than-two-year low today and for the week lost 30 cents. July HRW wheat dropped 32 3/4 cents to $8.24 1/4, hit a two-week low and for the week lost 52 3/4 cents. July spring wheat fell 24 1/2 cents to $8.04 and lost 42 cents on the week. Today’s technically bearish weekly low closes in the wheat markets are likely to prompt follow-through chart-based selling pressure early next week.
Cotton: July cotton fell 1 point to 86.65 but gained 612 points on the week. Cotton futures bulls were the clear victor this week, despite pressure from outside markets and the grain and soy complexes amid continued risk-off sentiments.
Cattle: June cattle futures advanced 20 cents to $165.725 at Friday’s close; that represented a weekly gain of $1.325. August feeder futures climbed another 60 cents to $235.10 to end the week, which marked a weekly surge of $6.125. Despite the historical tendency for cash cattle and beef prices to decline after grocers have completed their wholesale purchases for Memorial Day features, those markets proved quite firm this week.
Hogs: June lean hog futures fell $2.275 to $83.025 and nearer the session low. Prices also closed at a contract low close. For the week June hogs lost $1.075. Friday’s technically bearish contract and weekly low close set the table for follow-through, chart-based selling from the lean hog futures speculators early next week.
