After the Bell | April 14, 2022
Corn: May corn futures rose 6 3/4 cents to $7.90 1/4, up 21 1/2 cents for the week and the highest settlement for a nearby contract since September 2012. December corn fell 1/2 cent to $7.35 1/4 after reaching $7.39, a contract high for the fourth consecutive day. Nearby corn sustained overnight gains after USDA reported strong export sales. December futures were boosted by concern cool, wet conditions in the Midwest will further slow planting.
Soybeans: May soybeans rose 6 1/4 cents to $16.82 1/4, down 6 3/4 cents for the week. May soymeal rose $3.20 to $461.40, down $6.80 for the week. May soyoil gained 80 points to 78.91 cents, up 379 points for the week. Soybeans were boosted by USDA’s report of a daily U.S. sale of 132,000 MT of soybeans for delivery to China during the 2021-22 marketing year, China’s first purchase since April 6.
Wheat: May SRW wheat futures fell 17 cents to $10.96 1/2 after hitting a three-week high earlier. For the week, May SRW gained 45 cents. May HRW wheat fell 20 cents to $11.54, but still rose 47 1/4 cents this week. July spring wheat fell 12 1/4 cents to $11.46 3/4. Wheat futures were pressured by profit-taking following firm gains earlier this week and soft weekly USDA export sales.
Cotton: July cotton fell 80 points to 140.71 cents per pound after reaching a contract high at 144.78 cents. Cotton futures were pressured by disappointing export sales. USDA reported net weekly old-crop sales of 59,300 running bales, down 76% from the four-week average and a marketing-year low.
Cattle: April live cattle rose 5 cents to $140.675, while most-active June declined 45 cents to $136.425, up $2.60 for the week. May feeder cattle fell 17.5 cents to $161.775, up $2.40 for the week. Live cattle futures were supported by cash market strength and scaled-up retailer buying for spring grilling. USDA-reported live steers this week averaged $140.93 through this morning, up from last week's $138.82 average. Choice cutout values ended the week at $271.86, up $1.39 from the end of last week. Movement totaled 102 loads.
Hogs: June lean hogs rose 87.5 cents to $118.475, up $3.90 for the week. April lean hogs, which expired today, fell 2.5 cents to $99.875. Hog futures posted a firm weekly gain behind a resurgent wholesale pork market and signs of cash bottoming. The CME lean hog index rose 9 cents today to $99.19, its first gain in nine days. The next index quote is expected to jump 60 cents. Pork cutout values rose 37 cents today to $108.90, a three-week high. Movement totaled 280 loads, roughly even with the daily average for the past month.