After the Bell | April 28, 2022

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Corn: July corn futures rose 1 1/4 cents to $8.13 1/2, a lifetime-high close for the contract, while December futures gained 2 1/4 cents to $7.51 3/4, after hitting a contract high. July corn rose for the fourth straight session on support from continued demand from China, while new-crop futures ended firmer on concern delayed U.S. planting will curb yield potential.

Soybeans: July soybeans fell 8 cents to $16.84 3/4. July soymeal fell $10.90 to $430.10, a nine-week closing low. May soyoil ended at 90.60 cents, a record close for nearby futures. Soybeans fell on profit-taking following the market’s recent climb near contract highs and signs of slower export demand.

Wheat: July SRW wheat fell 5 1/2 cents to $10.85 3/4. July HRW wheat fell 12 3/4 cents to $11.41 1/4. July spring wheat fell 3 1/4 cents to $11.91 1/2 after posting a contract high at $12.06. Lackluster exports pressured winter wheat futures, with the U.S. dollar’s surge further fueling bearishness. Forecasts for precipitation in U.S. Plains HRW areas also pressured futures.

Cotton: July cotton rallied the 700-point daily limit to 147.68 cents per pound. Cotton futures gained support from strong buying from mills, which are running low on supplies and fixing prices against on-call sales. New-crop December futures were supported by dryness concerns in U.S. growing areas.

Cattle: June live cattle fell $1.125 to $133.90, the contract’s lowest settlement since April 8, while August feeder cattle gained $1.45 to $170.40. Live cattle extended a recent slump amid concern high retail beef prices are curbing demand.

Hogs: June lean hog futures gained 62.5 cents to $110.975, after dropping near a three-month low earlier in the session. June hog futures gained for the first day in the past four behind a corrective bounce from sharp losses over the past week. Wholesale pork prices remained under pressure, with cutout values dropping $1.02 today to $104.49, near a three-week low. Movement slowed to 248 loads.

 

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