After the Bell | April 28, 2023
Corn: July corn futures rose 3 1/2 cents on the day to $5.85 but posted a weekly loss of 30 1/4 cents and fell 51 cents on the month. July futures saw explosive buying after morning weakness breached the July 22 low.
Soybeans: July soybeans rose 15 1/2 cents to $14.19 1/4, nearer the session high, but down 29 1/2 cents on the week. July meal rose $5.00 to $432.40, down $11.20 from a week-ago, while July soyoil rose 84 points to 51.67 cents, a 190-point week-over-week decline. Soybeans have had a rough go since April 19, though buying efforts gained traction late-morning following a turn below $14.00 in the July contract.
Wheat: July SRW wheat futures rose 4 1/2 cents to $6.33 3/4 after hitting a 22-month low early on today. For the week, July SRW lost 39 1/4 cents. July HRW wheat futures rose 11 cents to$7.76 1/4 and nearer the session high. Prices hit a 13-month low early on today and for the week fell 49 1/4 cents. July HRS wheat rose 18 3/4 cents to $8.03 3/4, a 42 cent drop on the week. The wheat futures markets today saw short covering following this week’s strong selling pressure.
Cotton: July cotton rose 40 points to 80.80 cents and gained 65 points on the week. Cotton futures have seemingly stabilized following last week’s 400-point sell off, with late-week crude oil strength and notable export demand underpinning prices.
Cattle: April live cattle futures dove just before expiration after trading around $177.00 through much of Friday’s session and went off the board 27.5 cents lower at $175.175. Nearby June ended the day at $165.475, up 27.5 cents on the day and up 95 cents on the week. May feeder futures fell 55 cents to $210.975, with the closing price representing a weekly decline of $1.425. Cash cattle prices slipped Thursday, with the Monday-Thursday average of $178.61 slipping 20 cents below the Monday-Wednesday figure.
Hogs: June lean hog futures rose $1.60 to $91.70 and hit a three-week high. For the week, June hogs gained a solid $5.525. Today’s technically bullish weekly and monthly high closes in June lean hog futures set the table for follow-through technical buying early next week.
