After the Bell | April 3, 2023

Corn: May corn fell 2 3/4 cents to $6.57 3/4, near the session low after posting the highest intraday level since Feb. 23. Corn lost overnight price momentum as the session progressed, despite surging crude oil futures following an unexpected production cut made by the Opec+ group on Sunday.

Soybeans: May soybeans rose 16 1/2 cents to $15.22, near mid-range. Prices hit a three-week high early on. May soybean meal fell $1.80 at $464.20 and near mid-range. May bean oil closed up 119 points at 56.68 cents and near mid-range. Soybean and bean oil futures rallied on follow-through buying interest after last Friday’s bullish USDA data.

Wheat: May SRW futures rose 1 1/4 to $6.93 1/2, though near the session low. May HRW futures fell 2 1/2 cents to $8.75 1/4 after trading as high as $9.02. Spring wheat futures fell 4 cents, settling at 8.91 3/4, near the session low. Wheat futures were unable to hold overnight gains spurred by sympathy buying due to a $4.40 gap higher in May crude oil futures.

Cotton: May cotton fell 40 points to 82.38 cents, ending the session just above the 40-day moving average of 82.22 cents. Cotton futures shook off overnight gains spurred by the Opec+ group surprise decision on Sunday to further cut output by 1.16 million barrels per day (bpd).

Cattle: June live cattle fell 90 cents to $161.225. Prices closed nearer the session low after hitting a contract high early on. May feeder cattle dropped $2.10 at $203.15 and nearer the session low. The live cattle futures market today saw some routine profit taking after the recent strong surge in prices.

Hogs: Nearby April lean hog futures ended Monday 72 cents lower at $74.525, while most-active June futures slipped 20 cents to $91.425. The hog and pork industry remains less than confident about the spring and summer outlook.