After the Bell | August 7, 2023
Corn: December corn fell 1 1/2 cents to $4.95 3/4 but marked a high-range close after posting a 3-week low early in the session. Corn futures were seemingly caught in the middle of a rising wheat complex and a sinking soy complex, ending the session nearly unchanged.
Soybeans: November soybeans fell 31 1/4 cents to $13.02 and marked an intraday low below $13.00 for the first time since June. Soybean futures succumbed to heavy selling pressure due to a wetter forecast over the next few weeks, which spilled over to the soybean meal and soyoil markets.
Wheat: December SRW wheat closed up 20 3/4 cents at $6.81 and nearer the session high. December HRW wheat rose 13 cents at $7.82 1/4, near the session high and hit a nine-week low early on. December spring wheat futures saw gains of 2 3/4 cents on the day and settled at $8.40 1/2, in the middle of today’s range. The wheat futures markets saw short covering after recent strong selling pressure and were also supported by the Russia-Ukraine war escalating, including attacks on ships and shipping facilities.
Cotton: December cotton rose 105 points to 85.34 cents, marking a high-range close. Cotton futures pushed higher despite a higher U.S. dollar and weakness in crude oil futures.
Cattle: October live cattle fell $1.475 to $181.425, ending nearer the session low. October feeder cattle closed down $2.525 at $252.90, near the session low after hitting a contract high early on. The cattle futures markets saw some routine speculator profit taking today after recent gains and as prices hover not far below their recent contract highs.
Hogs: Expiring August lean hog rose 50 cents before settling at $101.525, while most-active October hogs led the complex higher, rallying $1.75 to $84.825. Lean hog futures saw sustained buyer interest throughout the session, driven by a strong wholesale market.
