After the Bell | April 12, 2023

Corn: May corn gained 5 1/4 cents to $6.56 1/4 and ended the session back above the 10-day moving average. Nearby corn extended higher, though mildly given crude’s extension higher and the U.S. dollar’s negative reaction to the early morning Consumer Price Index report.

Soybeans: May soybeans rose 7 cents at $15.04 1/4 and nearer the session high. May soybean meal gained $2.40 at $460.20 and nearer the session high. May bean oil fell 89 points at 54.00 cents. Prices closed nearer the session low and hit a two-week low. Soybeans and meal futures were supported today by the lingering after-effects of a friendly USDA supply and demand report issued on Tuesday.

Wheat: May SRW futures settled 5 1/2 cents higher at $6.79 1/2, near the session high. May HRW futures fell 4 3/4 cents to $8.63 ½ and May spring wheat futures fell 2 1/4 cents to $8.60. Wheat futures were mixed today as SRW futures made slight gains on HRW futures, marginally narrowing the SRW-  spread which remains at historic extremes.

Cotton: May cotton fell 30 points to 82.45 cents, ending the session just above the 10-day moving average. Cotton continued a two-week pattern of sideways consolidation, despite largely supportive outside markets following a tamer-than-expected Consumer Price Index (CPI) Report, released first thing today.

Cattle: June live cattle gained 90 cents to $164.85, near the session high and hit another contract high. The expiring April contract posted a fresh record high at $174.325. May feeder cattle rose 75 cents at $208.575, nearer the session high and hit another contract high. Very strong cash cattle market fundamentals and bullish technicals are fueling the surge in cattle futures prices.

Hogs: Nearby April hog futures, set to expire next Monday, April 17, fell 75 cents to $72.30 Wednesday. Most-active June futures slid 30 cents to $87.55. The hog and pork industry apparently has little reason to expect the long-awaited seasonal reversal in cash hog and pork values in the days ahead.