After the Bell | June 22, 2023
Corn: July corn futures led the complex lower, falling 10 1/2 cents to close at $6.60 1/2. December futures closed 8 cents lower to $6.20 3/4. Corn futures saw extensive selling overnight and into today’s session, but buyers stepped up in the latter half of the session to pare losses.
Soybeans: July soybeans fell 14 1/4 cents to $15.00 1/2, after marking an intraday low of $14.68 1/2. November soybeans ended 37 1/2 cents lower at $13.39 1/2, carving a low-range close. July meal fell $14.50 to $424.70, while July soyoil rose 14 points to 55.77 cents after trading as low as 53.13 cents. Given the ability to recover in the event of late-season rains, soybeans handed back a portion of Wednesday’s gains as prospective weather forecasts indicate possible relief over the weekend.
Wheat: July SRW rose 4 1/2 cents to $7.39, while December SRW wheat rose 6 1/2 cents to $7.70 1/2, nearer the session high and hit a three-month high. July HRW wheat fell 2 3/4 cents to $8.71, though December HRW wheat gained 1 1/2 cents to $8.73 1/4, near mid-range and hit a five-week high. July spring wheat closed 1 1/4 cent higher at $8.80. Wheat market bulls fared pretty well today given the solid losses scored in the corn and soybean futures markets.
Cotton: December cotton fell 37 points to 80.15 cents after notching an intraday low of 79.42 cents. December cotton extended lower for the second straight session but was able to turn from early session lows despite strong selling in crude oil futures.
Cattle: August live cattle rose $1.40 to $171.15. August feeder cattle gained $2.95 to $230.675. Prices closed near the session highs. The live and feeder cattle futures markets today saw corrective bounces after prices hit multi-week lows Wednesday.
Hogs: Hog futures fell sharply despite continued cash gains. Nearby July futures dove $2.90 to $91.85 Thursday, while most-active August tumbled $2.80 to $89.975. Prospects for sustained seasonal strength in hog and pork values seemingly remain high, but apparent skepticism hit the market hard today.
