After the Bell | April 12, 2022

Corn: May corn futures rose 11 3/4 cents to $7.76 1/4, a lifetime-high settlement for the contract. December corn rose 13 cents to $7.31 and posted a contract high for the third day in a row. Speculative money flowing to the long side propelled a rally in grains and other commodity markets. Corn was also supported by a slow start to spring planting. USDA reported 2% of the corn crop had been planted as of April 10, unchanged from the previous week and below the 3% five-year average for that date.

Soybeans: May soybeans rose 15 cents to $16.70 1/4 while November soybeans gained 21 1/4 cents to $15.07, near a three-week high. May soymeal rose $1.80 to $460.90 and May soyoil rose 113 points to 75.43 cents per pound. The soy complex posted broad gains amid concern over tightening global vegetable oil supplies and general strength in commodity markets.

Wheat: July SRW wheat rose 23 1/2 cents to $11.12 1/2, the contract’s highest closing price since $11.27 1/2 on March 15. July HRW wheat rose 21 1/4 cents to $11.66 3/4, the highest close since March 8. July spring wheat rose 15 1/2 cents to $11.56. Wheat futures rallied on continuing concerns over supply disruptions from the Russia/Ukraine war and poor conditions in the U.S. Plains.

Cotton: July cotton futures surged 400 points to 137.45 cents per pound. Strong bullish money flow boosted commodity markets, with cotton following crude oil, gold and wheat higher. Today’s strength was partly fueled by the Labor Department reporting an 8.5% year-over-year jump in CPI last month.

Cattle: June live cattle futures gained $1.50 to $136.30, the highest closing price since March 31. May feeder futures advanced $1.025 to $160.925. Live cattle gained amid signs of renewed strength in the cash market and continuing gains in wholesale beef. Choice cutout values gained $1.36 to $273.47, near a two-month high. Movement totaled 115 loads, a pick-up from recent days.

Hogs: June lean hogs rose $3.45 to $118.475, the contract’s highest close since April 1. Hog futures rose sharply as technically-driven speculative buying combined with surging U.S. inflation to spark a broad-based commodity market rally. Pork cutout values rose 16 cents today to an average of $106.80, the highest daily average since March 31. Movement totaled 305 loads, stronger than recent days. The CME lean hog index fell for the eighth straight session, dropping 43 cents to $99.63, a five-week low.