After the Bell | December 8, 2022
Corn: March corn rose 1 1/4 cents to $6.42 1/2, up from Wednesday’s 3 1/2 month low. Corn posted modest gains in narrow-range trading behind strength in soybeans and slight improvement in export readings.
Soybeans: January soybeans rose 14 1/4 cents to $14.86 1/4, the contract’s highest close since $14.92 1/4 on Sept. 12. January soymeal surged $7.40 to $466.40, a lifetime high close for the contract for the third straight day. January soyoil rose 35 points to 61.31 cents. Soybeans behind soymeal’s steep rally and fresh China demand.
Cotton: March cotton fell 98 points to 80.85 cents, the lowest settlement since Nov. 29. Cotton fell sharply as concern over sluggish export demand weighed on the market.
Cattle: February live cattle gained 37.5 cents to $153.925. January feeder futures leapt $2.575 to $183.475. Cattle futures ended firmer behind a longer-term tight outlook even though cash prices showed signs of leveling off. USDA-reported live steers averaged $155.33 this week through this morning, down from last week's $156.42 average. Choice beef cutout values fell $1.68 to $247.28 as movement remained strong at 146 loads.
Hogs: February lean hog futures fell $1.95 to $84.70, the contract’s lowest close since Nov. 29. Hogs fell a third straight session as recent wholesale pork weakness and a drop in exports stirred demand concern. The national direct weighted hog average sank $3.57 to $81.11. Pork cutout values rose 52 cents to $84.97, up from an 11-month low Wednesday.
