After the Bell | July 11, 2023

Corn: December corn futures closed up 2 cents at $5.01 1/2 and nearer the session high. The corn market saw more tepid short covering today after December futures hit a 21-month low last week.

Soybeans: November soybeans edged 14 3/4 cents higher to $13.60 1/4, while August meal rose $10.40 to $416.20. August soyoil fell 70 points to 64.63 cents. Meal strength along with USDA’s updated crop condition scores lent soybeans additional momentum, though position-squaring ahead of USDA’s supply and demand updates tomorrow likely bridled upside.

Wheat: December SRW wheat closed up 14 1/2 cents at $6.78. December HRW wheat rose 6 1/4 cents at $8.20 1/2. December spring wheat rose 11 1/4 cents to $8.68. Prices closed nearer their session highs. Short covering was featured in the winter wheat futures markets today.

Cotton: December cotton rose 287 points to 82.12 cents, the contract’s largest daily gain since last November. Bulls were able to make a solid comeback, recapturing all of Monday’s losses in the December contract.

Cattle: August live cattle futures saw extensive buying that pushed price to a contract high close at $178.825, up $1.625 on the day. August feeder futures rallied 90 cents on the day to settle at $247.15. Cattle futures reversed early losses and closed on the daily highs, with fats rallying to a new contract high. Cash trade has yet to develop this week.

Hogs: After recently dipping and testing support, hog futures reversed sharply to the upside Tuesday. The expiring July contract surged $2.475 to $101.275, while most-active August leapt $3.40 to $97.575. Renewed wholesale strength seemed to trigger a fresh surge in hog futures, with today’s big gains projecting sustained cash market strength over the short run.