After the Bell | April 20, 2023
Corn: May corn futures fell 8 1/2 cents to $6.63 3/4, near the daily low. Corn futures continued trading lower amid favorable growing conditions and a technical rejection off $6.80 in the May contract.
Soybeans: May soybeans fell 9 cents, marking a mid-range close after dropping as low as $14.88 1/4, the lowest intraday level since April 11. May meal fell $3.10 to $451.20, while May soyoil closed 59 points lower at 54.43 cents. Soybeans faltered for a second straight day following a short-lived three-day port and maritime worker strike in Argentina.
Cotton: May cotton closed down the 400-point limit at 79.24 cents, below several key areas of chart support. Cotton futures plunged following weak export sales data after having held mostly steady through the week, despite lingering pressure in crude oil futures.
Cattle: Cattle futures move mostly higher Thursday, with the only exception being a $1.325 drop by the expiring April fed cattle contract, which settled at $174.10. Most-active June cattle rose 75 cents to $164.35. May feeder futures surged $1.875 to $212.35. News of cash market losses on Wednesday triggered active selling early in today’s futures trading session.
Hogs: June lean hogs fell $1.35 to $85.075, nearer the session low and posting a contract low close. Still-weak cash hog market fundamentals, along with a bearish technical posture, continue to pressure the lean hog futures market.