After the Bell | June 15, 2023
Corn: July corn futures rallied 15 1/2 cents on the session to $6.23 1/4, though gains were led by the December contract closing 25 1/4 cents higher at $5.74 1/2. Corn futures surged overnight and buying accelerated into the day session as the continued dry forecast raises uncertainty around production prospects.
Soybeans: July soybeans rose 40 cents to $14.28 1/4, marking the largest daily gain since September 2022, while November soybeans rose 52 1/4 cents to $12.92 1/4, near the session high and the 100-day moving average of $12.95 1/4. July meal rose $4.50 to $394.20, while July soyoil rose 247 points to 58.43 cents, the highest close since March 8. Soybeans grabbed solid gains, in tandem with grains, as persisting dry weather conditions throughout the Midwest heightened supply concerns.
Wheat: July SRW wheat gained 31 1/4 cents to $6.62 1/2, the highest close since April 21, while December SRW wheat gained 29 3/4 cents to $6.86 3/4. Prices closed near the session high. July HRW wheat rose 27 cents to $8.12 3/4 and December HRW wheat gained 26 3/4 cents at $8.06, both ending near the session high. July spring wheat futures rose 23 1/2 cents to $8.32 3/4. The wheat futures markets saw short covering and perceived bargain buying featured today, amid strong gains in corn and soybean futures as those two markets are seeing a weather scare play out.
Cotton: July cotton fell 115 points to 80.64 cents, the lowest close since May 25. Cotton futures extended lower for the seventh straight session as drier weather is expected over the next two weeks to allow for planting to be completed.
Cattle: August live cattle rose 10 cents to $171.075 and nearer the session high. August feeder cattle fell $1.775 to $234.125. Feeder prices gapped lower on the daily bar chart and hit a three-week low but closed nearer the session high. The live cattle futures market remains stable at higher price levels amid still-bullish cash market fundamentals.
Hogs: Hog futures set back from early highs, with nearby July falling 85 cents to $91.925 and August sustaining a 62.5-cent rise to $90.30. The cash hog and wholesale pork markets showed less strength Thursday than earlier in the week, which likely explains the July futures reversal and the setbacks from early highs suffered by the August, October and December contracts.
