After the Bell | December 13, 2021
Corn: March corn fell 5 cents to $5.85. Corn futures were caught between heavy selling in soybean futures and strength in wheat. Fundamental pressure stemmed from weekend rains across parts of Argentina and forecasts signaling some moisture relief in dry areas of southern Brazil early this week. USDA’s weekly corn export inspections totaled 810,395 MT for the week ended Dec. 9, up from 774,958 MT the previous week and close to the seasonal average.
Soybeans: January soybeans fell 23 3/4 cents to $12.44. January soybean meal fell $4.70 to $362.10. January soybean oil fell 34 points to 53.35 cents per pound, the contract’s lowest closing price since 51.65 cents on June 17. Soybeans fell amid signs South American crops may gain some relief from dry conditions. USDA’s weekly soybean export inspections were lower than expected at 1.724 MMT, down from 2.334 MMT the previous week.
Wheat: March SRW futures rose 3 1/2 cents to $7.88 3/4, after falling as low as $7.76 earlier in the session. March HRW futures rose 7 cents to $8.12 1/2. March spring wheat ended down 3 1/2 cents at $10.18 1/4. Winter wheat futures rose for a second consecutive day amid ideas the price declines of the past two weeks may have stirred renewed interest among global wheat buyers. USDA’s weekly export inspections showed slight improvement for wheat, but shipments remain sluggish.
Cotton: March cotton futures rose 58 points to 106.81 cents per pound, the highest closing price since Dec. 6. Cotton futures closed at a one-week high on demand optimism and beliefs the market established a near-term low early this month.
Cattle: February live cattle rose 77.5 cents to $138.85 and January feeder cattle rose 65 cents to $165.525, the highest close since Dec. 2. Feeders led cattle futures higher behind support from strong cash and weaker corn prices. Live cattle were under pressure early today on signs of a top in the cash market. Last week’s average live steer price fell 75 cents from the previous week, the first weekly decline in the past 10, to an average of $139.69. Cash prices are expected to trend weaker into year-end. Choice cutout values rose modestly late last week but took another leg lower today, falling $1.32 to $263.22, the lowest daily average since April 6.
Hogs: February lean hogs fell 27.5 cents to $80.75. Hog futures market traded on both sides of unchanged after strong gains late last week suggested a season cash market low has been established. The latest CME lean hog index rose 63 cents to $71.58, the sixth gain in the past eight days and the highest since Nov. 25. The next index is expected to rise 60 cents to $72.18. Pork carcass cutout values rose 84 cents to $87.03, led by strength in loins. Average cutout values jumped 5.9% last week for the first weekly gain in the past 10.
