After the Bell | April 21, 2022

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Corn: July corn futures fell 14 3/4 cents to $7.95 1/4, the contract’s lowest settlement in a week. December corn fell 9 3/4 cents to $7.38 3/4. Nearby corn futures extended overnight declines and closed below $8.00 for the first day since April 14 after weekly USDA export sales fell short of expectations, stirring concern that high prices are crimping demand.

Soybeans: July soybeans rose 2 1/2 cents to $17.19 1/2, while May futures ended at $17.48 1/4, the highest close for a nearby contract since September 2012. July soymeal fell $2.40 to $463.90. July soyoil rose 89 points to 79.64 cents. Soybeans climbed after USDA reported net weekly soybean sales for 2022-23 at a stronger-than-expected 1.24 MMT, led by demand from China.

Wheat: July SRW wheat fell 21 cents to $10.76 1/2, the contract’s lowest closing price since April 8. July HRW wheat fell 26 cents to $11.43 1/2. July spring wheat fell 17 3/4 cents to $11.54 1/2. Winter wheat futures fell to two-week lows following disappointing weekly USDA export sales data, with additional pressure coming from a strong U.S. dollar.

Cotton: July cotton dropped 99 points to 137.89 cents. December cotton fell 84 points to 120.18 cents. Cotton futures were pressured by disappointing weekly export sales data. Old-crop cotton export sales totaled only 50,500 bales during the week ended April 14, the third straight weekly marketing-year low.

Cattle: June live cattle futures climbed $1.275 to $139.90, the contract’s highest settlement since Feb. 23. April futures rose $1.025 to $144.10. May feeder cattle jumped $2.375 to $164.85. Live cattle extended this week’s rally behind a strengthening cash market, while feeder cattle climbed as corn futures dropped under $8.00. USDA-reported live steers so far this week averaged $142.89 through this morning, up from last week's average of $141.02. Choice beef cutout values rose $1.35 to $270.17 on movement of 104 loads.

Hogs: June lean hogs fell $1.575 to $117.175, the contract’s lowest closing price since April 11. Lean hog futures fell for the third consecutive day as demand concerns and eroding chart patterns overshadowed continued strength in cash benchmarks. USDA reported net weekly pork sales totaling 12,900 MT for 2022, down 55% from the prior four-week average and a marketing-year low. Pork cutout values gained $1.71 to $110.20, a cent under a seven-week high posted April 15, but movement was light at 184 loads.

 

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