After the Bell | August 1, 2023
Corn: December corn futures fell 5 3/4 cents to $5.07 1/4 and nearer the session low. Prices hit a two-week low today. The corn market could get no traction today from a drop in the U.S. corn crop condition ratings and instead succumbed to more spillover pressure from this week’s big drop in wheat prices.
Soybeans: November soybeans rose 9 1/2 cents to $13.41 1/4, securing a close above the 200-day moving average. September soymeal rose $4.30 to $428.10, while September soyoil gained 128 points, closing at 64.39 cents. Soybeans spent much of the morning extending lower amid improving weather forecasts, with additional pressure stemming from persisting strength in the U.S. dollar.
Wheat: December SRW wheat fell 13 1/2 cents to $6.78 1/4. December HRW wheat closed down 11 3/4 cents to $8.17 3/4. Prices closed nearer the session lows and hit a two-week low. December spring wheat was unchanged at $8.69 1/2. The wheat markets are being hit this week by growing notions Ukrainian grain will be able to reach the world trade markets via land routes, following Russia nixing the Black Sea grain-shipping deal.
Cotton: December cotton rose 150 points to 86.22 cents, near the session high. December cotton bulls were able to recapture a portion of last week’s losses, fortifying the natural fiber’s technical posture with a move above the 10-day moving average.
Cattle: August live cattle futures surged $1.45 to $179.5, while deferred contracts saw greater gains. August feeder futures rallied $2.875 before settling at $248.475, near the daily highs. Cattle futures surged today, reversing the recent consolidation trend as prices traded at the highest level since July 24.
Hogs: Hog futures couldn’t sustain moves to fresh summer highs Tuesday morning, with nearby August futures slipping 45 cents to $103.675 at the close and most-active October sliding 35 cents to $85.65. The cash and wholesale markets slipped today, which may have played a role in reversing early futures gains from fresh summer highs.
