After the Bell | April 19, 2023
Corn: May corn fell 5 1/4 cents to $6.72 1/4, near the session low. Corn held an inside day, narrowly trading within the previous session’s range amid pressure from strength in the U.S. dollar and fading crude oil futures.
Soybeans: May soybeans fell 12 3/4 cents at $15.06 1/2. May soybean meal dropped $6.70 at $454.40. May bean oil closed down 34 points at 55.02 cents. Prices closed nearer their session lows today. Soybeans saw a corrective price pullback today after May futures hit a five-week high Tuesday.
Cotton: May cotton futures dropped 131 points to 83.24 cents. July cotton fell 118 points at 83.65 cents. Prices closed nearer their session lows after hitting six-week highs early on today. The cotton futures markets today fell victim to bearish outside market forces that saw a higher U.S. dollar index and lower crude oil prices.
Cattle: Expiring April live cattle futures fell $1.05 to settle at $175.425, while most-active June futures fell $1.60 to $163.6. Expiring April feeder futures fell $1.25 to $204.675, while most-active May futures fell $1.025 to $210.475. Live cattle futures saw profit taking as price continues to consolidate after the surge over the last four weeks.
Hogs: June lean hog futures bounced from early lows, settling 67 cents higher at $86.425. The cash hog and pork markets have seemingly found a belated seasonal bottom and are presumably set to rally in response to surging consumer pork demand during grilling season, whereas hog supplies have begun dwindling toward annual lows in early summer.
