After the Bell | April 4, 2022

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Corn: May corn gained 15 1/2 cents to $7.50 1/2, while December corn gained 11 cents to $6.99, after posting a contract high for the third straight session. Corn futures rode a wave of gains across the grain and soy complex and corrective buying. Strong export demand also boosted prices. USDA reported daily corn sales of 1.084 MMT to China, with 676,000 MT for 2021-22 and 408,000 MT for 2022-23.

Soybeans: May soybeans rose 19 1/2 cents to $16.02 1/4 after dropping overnight to a 2 1/2-month intraday low. May soymeal rose $5.10 to $455.10 per ton and May soyoil gained 114 points to 72.34 cents per pound. Soybeans were boosted by strength in corn and wheat markets and concerns over tight global vegetable supplies. Ukrainian vegetable oil production and exports have come to a virtual halt that may continue until June, Strategie Grains said.

Wheat: May SRW wheat rose 25 3/4 cents to $10.10. May HRW wheat rose 24 3/4 cents to $10.37 3/4. May spring wheat rose 19 3/4 cents to $10.85. Wheat was boosted by short covering and corrective buying following last week’s losses, while the Russia-Ukraine war and expectations for strong global demand continued to underpin prices. Late today, USDA reported 30% of the U.S. winter wheat crop in “good” or “excellent” condition as of yesterday, well below analyst expectations for about 40%..

Cotton: May cotton futures soared 339 points to 137.94 cents per pound. Cotton futures rose sharply behind strong demand fundamentals and concern over worsening drought in key growing areas, with a rally in crude oil also encouraging buyers. Most primary U.S. cotton areas remained dry over the weekend, and temperatures are expected to become unseasonably warm.

Cattle: June live cattle fell 92.5 cents to $134.925, while May feeder cattle plunged $3.65 to $162.475. Feeders were pressured by corn market strength and technical selling. Live cattle traded both sides of unchanged early but couldn’t find sustained buying. Choice cutout values rose 90 cents today to an average of $268.04 but movement was light at 63 loads. Traders generally anticipate steady cash cattle prices this week, though expectations could decline if futures extend recent price declines. Live steers averaged $139.32 last week, up from $138.95 the previous week.

Hogs: June lean hogs plunged $4.30 to $116.15, the lowest closing price since March 18. Followthrough technical pressure and eroding cash fundamentals weighed on futures. The CME lean hog index fell 50 cents (as of March 31) to $102.63. Tomorrow’s index is projected down another 22 cents at $102.41. Wholesale pork rebounded today after dropping near a two-week low. Pork cutout values rose $2.75 today to an average of $106.35. Movement was relatively strong at about 304 loads.

 

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