After the Bell | April 24, 2023

Corn: May corn fell 12 cents to $6.51 1/4, the lowest close since April 6. Overnight upside attempts were dismal as resistance around $6.67 thwarted bulls’ efforts, with export cancellations from China adding fuel to the fire.

Soybeans: May soybean futures fell 18 1/4 cents to $14.65 1/4, settling near the low. May soymeal futures settled at $439.5, $6.2 lower on the day and three ticks off the low. May soyoil fell 84 points to 52.56 cents. Soybean futures continue to fall under pressure despite freezing temperatures affecting emerged crops.

Wheat: May SRW futures fell 18 1/4 cents to $6.43 1/2. July SRW wheat fell 16 cents at $6.57. July prices closed near the session low and hit a 22-month low today. May HRW futures dropped 7 3/4 cents to $8.33 and July HRW wheat fell 8 cents to $8.17 1/2. Prices closed nearer the session lows today. Spring wheat futures fell 4 1/4 cents to $8.42 3/4, near the session lows. The wheat markets fell today amid forecasts for beneficial rains in the U.S. Plains in the coming days.

Cotton: May cotton rose 57 points to 78.98 cents, near the session low, while July cotton rose 54 points to 80.69 cents. Cotton futures made a solid attempt to churn higher after last week’s heavy sell off, though losses in grains capped upward momentum.

Cattle: June live cattle gained 2 1/2 cents to $164.55, closing near the session high. May feeder cattle closed down $1.65 at $210.75 and nearer the session high. The cattle futures markets today digested a mildly bearish USDA monthly Cattle-on-Feed report out last Friday afternoon.

Hogs: May lean hog futures rallied $1.275 to settle at $87.35. Lean hog futures continued Friday’s bounce as short profit taking continues.