After the Bell | July 5, 2023
Corn: December corn was unchanged at $4.93 1/2, marking a mid-range close after posting the lowest intraday level since October 2021. Selling into the close dampened confidence around corn futures seemingly discovering a near-term low this morning, as notable strength in the wheat complex pulled futures from early losses around mid-morning.
Soybeans: November soybeans rose 1 1/4 cents to $13.55 and near mid-range. August soybean meal fell $1.60 at $410.10 and near mid-range. August bean oil rallied 136 points to 65.03 cents. Prices closed nearer the session high and hit a seven-month high. The soybean bulls got no more traction today from last Friday’s surprisingly bullish USDA planted acres report.
Wheat: September SRW futures rose 32 1/2 cents before settling at $6.74 1/4. September HRW futures led the complex higher, rallying 49 3/4 cents before closing at $8.46 1/4. September spring wheat futures rose 48 1/4 cents to $8.57 1/2. Wheat futures surged today amid corrective buying after plunging over a dollar in the prior six trading sessions.
Cotton: December cotton fell 118 points to 80.23 cents and nearer the session low. It appears last Friday’s price-friendly USDA cotton acreage data was quickly factored into futures as prices sold off today.
Cattle: Cattle futures slipped Wednesday despite firming wholesale prices. August live cattle fell $1.875 to $174.95, while August feeder futures dove $3.325 cents to $244.70. Cash prices declined just $1.24 to $181.33 last week, which is likely a big reason futures finished last week so strongly.
Hogs: August lean hog futures rallied $3.125 before settling at $97.45, the highest close in four months. Nearby July futures leapt $3.45 to $101.275. Lean hog futures rocketed higher today as prices continue their technical breakout piggybacking on the bullish seasonal advance in cash prices.
