After the Bell | April 22, 2024
Corn: May corn rallied 6 1/4 cents to $4.39 3/4, marking the highest close since March 28. Corn futures rallied for the second straight session, with spillover strength stemming from notable gains across wheat futures.
Soybeans: May soybean futures rallied 10 1/2 cents to $11.61, though settled off session highs. May meal futures eked 60 cents higher to $344.3. May bean oil futures firmed 66 points to 45.04 cents. Soybean futures reluctantly followed corn and wheat higher this morning, though gains quickly snowballed as short covering ensued.
Wheat: July SRW wheat rose 20 3/4 cents to $5.87 1/2 and nearer the session high. Prices hit a nine-week high. July HRW wheat gained 19 1/2 cents at $6.02 1/3, nearer the session high and hit a 10-week high. July HRS futures rose 10 1/4 cents to $6.62 3/4. Short covering and bargain buying were featured in the winter wheat futures markets today.
Cotton: July cotton rose 140 points to 82.42 cents, near the session high. July cotton futures extended Friday’s gains amid corrective buying, though technical pressure continued to dampen upside momentum.
Cattle: June live cattle rose $2.375 to $178.05, nearer the session high. May feeder cattle gained $3.175 at $245.175 and nearer the session high. Both markets hit three-week highs today. The cattle futures bulls are out of the gates strong early this week, following last week’s solid performances.
Hogs: June lean hog futures surged 67.5 cents to $105.50, while nearby May futures climbed 47.5 cents to $96.70. Lean hog futures shook off weakness in the lean hog index, continuing last week’s push higher.
