After the Bell | April 25, 2022
Corn: July corn rose 9 cents to $7.98 after erasing early declines, while December corn rose 9 1/2 cents to $7.34. Weekly USDA corn export inspections were strong at 1.65 MMT (65.0 million bu.), well above trade expectations. Today’s high-range close suggest bulls will make a run at uncovering followthrough buying tomorrow. USDA reported 7% of the U.S. corn crop was planted as of yesterday, up from 4% a week earlier but below expectations for about 9% and under the 15% five-year average for that date.
Soybeans: July soybeans fell 12 3/4 cents to $16.75 1/4, the lowest closing price since April 14 but nearly 19 cents above today’s low. July soymeal fell $6.50 to $445.60. July soyoil fell 43 points to 80.08 cents. Nearby soybean futures settled at the lowest prices in over a week but recovered much of an early slump after soyoil and palm oil markets rebounded and China purchased more U.S. soybeans. The soybean crop was 3% planted as of yesterday, up from 1% a week earlier but down from the 5% five-year average for that date, USDA reported.
Wheat: July SRW wheat fell 2 3/4 cents to $10.72 1/2. July HRW wheat rose 3 1/2 cents to $11.53. July spring wheat rose 14 3/4 cents to $11.77 1/2. Concern over drought-stressed conditions in the U.S. Plains continued to support winter wheat. USDA is expected to report the U.S. winter wheat crop at 30% “good” or “excellent,” unchanged from last week but under 49% a year ago.
Cotton: July cotton futures fell 44 points to 135.41 per pound, the lowest settlement since April 11 but 308 points off today’s low. Cotton futures ended at a two-week low amid demand concerns stemming from strength in the U.S. dollar and rising Covid cases in China, a top customer for U.S. cotton.
Hogs: June lean hogs fell the $4.75 daily trading limit to $114.025, the contract’s lowest settlement since March 9. The daily trading limit expands to $7.00 tomorrow. Hog futures were pressured by sharp losses in cattle futures and concern over export demand as China locks down major cities due to rising Covid cases. Pork cutout values plunged $5.49 today to $105.79, led by a decline of over $24 in bellies. Movement totaled about 294 loads.