After the Bell | August 4, 2022
Corn: December corn futures rose 10 cents to $6.06 1/4. December futures rose a second consecutive day behind spillover from strength in wheat and the soy complex and weakness in the U.S. dollar. Midwest weather leans slightly bearish for corn prices, as does additional Ukrainian grain shipments out of the Black Sea region.
Soybeans: November soybeans rose 48 cents to $14.17 3/4, the highest close since July 29. September soymeal surged $22.10 to $453.50, a lifetime-high close for the contract. September soyoil rose 63 points to 62.45 cents. Soybean futures rose for the first time in four sessions behind a sharp rally in soymeal and lingering concerns dryness in parts of the Midwest could curb yield potential.
Wheat: September SRW wheat rose 18 3/4 cents to $7.82 1/2. September HRW wheat rose 24 3/4 cents to $8.60 1/4. September spring wheat rose 19 cents to $8.94 1/4. Winter wheat futures rose for the first time in five sessions behind corrective buying following Wednesday’s drop to six-month lows and spillover from sharp gains in the soy complex.
Cotton: December cotton rose 19 points to 94.62 cents per pound. Cotton extended sideways consolidation amid conflicting signals from outside markets. Weakness in the U.S. dollar encouraged buyers, but upside was limited crude oil’s first close under $90 since mid-February. USDA reported a net weekly sales reduction of 112,400 running bales (RB), a marketing-year low.
Cattle: October live cattle fell 30 cents to $143.65. September feeders fell 32.5 cents to $182.575. Live cattle fell in a modest corrective setback from Wednesday’s rally to three-month highs, with a resurgent cash market limiting selling interest. Live steers averaged $140.87 this week through this morning, up from last week’s average of $139.83.
Hogs: October lean hogs rose $1.75 to $97.60, the contract’s highest close since April 22. Prices rose behind solid weekly export sales and firm cash fundamentals. The next CME lean hog index is expected to gain 67 cents to $121.61 after falling 63 cents today. Pork cutout values fell 69 cents to $124.80 on strong movement of 303 loads.