After the Bell | April 5, 2022

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Corn: May corn futures rose 9 1/4 cents to $7.59 3/4, the contract’s highest settlement since $7.62 1/2 on March 11. December corn rose 7 1/2 cents to $7.06 1/2 and posted a contract high for the fourth consecutive session, touching $7.12 1/2. Nearby corn futures climbed behind strength in the wheat market, which surged on unexpectedly low initial USDA crop progress ratings reported Monday.

Soybeans: May soybeans rose 28 3/4 cents to $16.31, the highest closing price since March 30. May soymeal rose $10.80 to $465.90 per ton and May soyoil rose 7 points to 72.41 cents per pound. Soy complex futures climbed behind strength in wheat and concerns over disruptions to global vegetable oil markets from Russia’s war with Ukraine.

Wheat: May SRW wheat rose 35 cents to $10.45 1/4, the contract’s highest close since $10.57 on March 28. May HRW wheat rose 45 cents to $10.82 3/4. May spring wheat rose 26 3/4 cents to $11.11 3/4. Winter wheat rallied after USDA’s first crop condition ratings of the spring indicated drought damage to the U.S. winter wheat crop was worse than previously thought. Late yesterday, USDA reported 30% of the U.S. winter wheat crop in “good” or “excellent” condition as of yesterday, about 10 percentage points under analysts’ expectations.

Cotton: May cotton fell 41 points to 137.53 cents per pound. December futures climbed 106 points to 114.82 cents. USDA’s first Crop Progress report of the season showed cotton plantings at 4% complete, only slightly behind the five-year average at 6%. Just three states reported plantings had started, with Arizona, California and Texas seedings at 11%, 10% and 6%, respectively.

Cattle: June live cattle futures sank $1.60 to $133.325, the lowest closing price since $132.95 on March 11. May feeder futures fell $3.475 to $159.00, the contract’s lowest close in 10 months. Anticipation of cash weakness later this week weighed on live cattle futures. Some cattle traded around $138.00 yesterday, down more than $1.00 from last week’s live steer average. Choice cutout values rose $3.49 today to $271.53, the highest daily average since Feb. 14. Movement was a relatively strong 123 loads.

Hogs: June lean hogs fell $1.80 to $114.35, the contract’s lowest close since $112.80 on March 9. April hogs fell $1.775 to $97.675. Hog futures sank to four-week lows as the steep price downdraft over the past week spurred more technically driven long liquidation. Cash fundamentals continued to erode, with the next CME lean hog index expected to drop 75 cents to $101.66, the fourth straight decline. Weakness in wholesale pork contributed to bearishness. Pork cutout values fell $2.75 today to an average of $103.60 on relatively light movement of 260 loads.

 

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