After the Bell | April 26, 2022

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Corn: July corn futures rose 3 1/2 cents to $8.01 1/2. December futures rose 9 1/2 cents to $7.43 1/2. New-crop December futures led gains after USDA showed U.S. corn planting progress at a nine-year low, stirring concern over reduced yield potential for late-seeded crops. USDA late Monday reported 7% of the corn crop was planted as of April 24, well under the 15% five-year average pace for that date.

Soybeans: July soybeans fell 3 1/2 cents to $16.71 3/4, while November futures gained 8 1/2 cents to $15.02 3/4. July soymeal dropped $8.60 to $437.00, the lowest close since Feb. 15. July soyoil gained 236 points to 82.44. Nearby soyoil futures closed at a record high as Indonesia’s impending halt to some palm oil-based products exacerbated concern over tight global vegetable oil supplies.

Wheat: July SRW wheat rose 22 1/2 cents to $10.95, while July HRW wheat gained 11 1/2 cents to $11.64 1/2. July spring wheat rose 10 1/2 cents to $11.88 after posting a contract high at $11.99 3/4. Nearby SRW futures rose for the first session in six and HRW prices also climbed on concern over poor crop condition in the U.S. Plains.

Cotton: July cotton futures rose 27 points to 135.68 cents per pound, while new-crop December gained 43 points to 118.71 cents. Cotton futures were supported by gains in the crude oil market and an ongoing acceleration in global inflation, though slumping exports have limited price upside.

Cattle: June live cattle rose 82.5 cents to $136.25. May feeder futures fell 57.5 cents to $160.725. Live cattle futures posted a modest corrective rebound from Monday’s sharp losses, which were driven by bearish USDA feedlot and cold storage numbers. Wholesale beef prices extended a recent slide, with Choice cutout values down $2.43 to a four-week low at $264.17. But movement surged to 183 loads.

Hogs: June lean hogs fell $2.85 to $111.175, the contract’s lowest close since March 7. Hog futures sank to seven-week lows on eroding technicals and concern over pork demand. Wholesale pork continued slipping, with cutout values down 24 cents today to $105.55, a three-week low. However, movement jumped to nearly 341 loads, suggesting weaker prices sparked stepped-up retail purchases.

 

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