After the Bell | April 25, 2023

Corn: July corn futures rose 1/4 cent to $6.07 3/4 and nearer the session high. Prices hit a five-week low early on. The corn futures bulls were timid today amid what appears to be a good start to the U.S. planting season.

Soybeans: May soybeans fell 20 cents to $14.45 1/4, the lowest close since March 27, while May meal ended $4.70 lower at $434.80. May soyoil closed 85 points lower at 51.71 cents. Soybeans extended lower for the fifth straight session on eroding technicals and rapidly progressing planting efforts amid favorable weather conditions.

Wheat: July SRW wheat fell 4 cents to $6.53, near mid-range and hit a 22-month low. July HRW wheat fell 14 1/2 cents to $8.03, nearer the session low, and hit a four-week low. July HRS wheat closed 4 1/4 cents lower at $8.36 1/2. A general “risk-off” trading mentality in the grain markets today combined with technical selling pressure to sink the wheat futures markets.

Cotton: July cotton fell 207 points to 78.62 cents, the lowest close since March 24. Cotton futures extended last week’s heavy selling amid risk-off sentiments as crude oil futures sank and the U.S. dollar pushed higher, igniting a broad-based macro sell off.

Cattle: June live cattle futures saw losses of 52.5 cents before closing at $164.025. Expiring April live cattle futures closed unchanged at $174.30 on the day. May feeder futures closed $1.325 lower at $209.425 while expiring April futures closed 47.5 cents lower at $202.075. Live cattle futures showed surprising weakness today after yesterday’s high close as spillover volatility came in from the general market’s “risk-off” attitude today.

Hogs: June lean hog futures slid 30 cents to $87.05 Tuesday, with the low-range close implying continued struggles for the hog and pork complex. Cash hog prices are trying to stabilize.