After the Bell | April 18, 2023

Corn: May corn futures rose 1 cent to $6.77 1/2 and near mid-range. It was not a bad day for the corn market bulls as they were able to hold on to Monday’s solid gains and push prices to a two-month high.

Soybeans: May soybeans rose 2 1/4 cents after trading to the highest level since March 8, while May soymeal fell $4.60 to $461.10. May soyoil rose 79 points to 55.36 cents. Soybeans managed to close marginally higher, despite an overnight run to the highest level since March 8.

Wheat: May SRW wheat gained 1 1/2 cents, closing at $6.98. Prices closed near mid-range and hit a two-week high. May HRW wheat fell 8 1/2 cents to $8.81 1/4, nearer the session low. Spring wheat futures fell 3 1/2 cents to $8.85 1/2. HRW wheat futures today saw a normal corrective price pullback following Monday’s decent gains.

Cotton: May cotton rose 125 points to 84.55, marking the highest close since March 6. Cotton futures surged higher in an extension of Monday’s strength, breaking above the sideways consolidated price trend seen over the past several sessions.

Cattle: Expiring April live cattle futures rallied 72.5 cents to $176.475 Tuesday, while most-active June futures rose 32.5 cents to $165.20. The expiring April feeder contract advanced 37.5 cents to $205.925, whereas most-active May surged 75 cents to $211.50. Underlying cattle and feeder market fundamentals remain bullish, with the consumer demand surge for grilling season meeting comparatively tight supplies.

Hogs: June lean hog futures saw extensive selling and closed $2.425 lower at $85.75. Hog futures continued the recent downtrend today after the last couple days of profit taking.