After the Bell | August 2, 2023
Corn: December corn fell 6 3/4 cents to $5.00 1/2, the lowest close since July 13. Corn futures failed an overnight attempt to regain a portion of recent losses in the wake of a Russian attack on Ukraine’s main inland port across the Danube River from Romania earlier today.
Soybeans: November soybeans fell 20 cents to $13.21 1/4, nearer the session low and hit a four-week low. September soybean meal lost $4.20 at $423.90 and nearer the session low. September bean oil closed up 27 points at 64.66 cents and near mid-range. A risk-off trading day in the general marketplace helped to pressure the grain markets today.
Wheat: December SRW futures fell 11 cents before settling at $6.67 1/4, nearer the session low. December HRW futures fell 16 3/4 to $8.01 and settled in the bottom third of today’s range. December spring wheat fell 7 1/4 cents to $8.62 1/4. Wheat futures continue under pressure despite continued attacks on either side of the Russia-Ukraine war.
Cotton: December cotton
Cattle: Livestock futures declined along with most of the commodity sector Wednesday. Expiring August live cattle futures dropped $1.474 to $178.025, while October fell $1.325 to $180.50. August feeder futures sank $1.65 to $246.825 despite concurrent grain and soy complex weakness. The commodity sector suffered a broad sell-off Wednesday, possibly in response to the Fitch downgrade of the U.S. long-term credit rating Tuesday.
Hogs: August lean hog futures led the complex lower, falling $1.00 to $102.675. Meanwhile, most-active October futures fell 77.5 cents to $84.875. Lean hog futures fell under pressure as markets slumped overall following Fitch’s downgrade of U.S. debt.
