After the Bell | July 1, 2022

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Corn: December corn futures fell 12 1/4 cents to $6.07 1/2, the contract’s lowest closing price since Feb. 28 and a drop of 66 1/2 cents for the week. Corn extended Thursday’s slide and sank to the lowest closing price in over four months amid heavy fund liquidation and improved rain chances in the Midwest. Weather over the long holiday weekend will be key to market direction early next week.

Soybeans: November soybeans plunged 62 3/4 cents to $13.95 1/4, the contract’s lowest settlement since $13.92 3/4 on Feb. 3 and a drop of 29 cents for the week. August soymeal plummeted $13.40 to $422.10 and August soyoil fell 258 points to 64.43 cents. New-crop soybeans posted a third consecutive weekly decline behind fund liquidation amid broader concerns over the economy.

Wheat: September SRW wheat futures fell 38 cents to $8.46, down 90 1/2 cents for the week and a four-month closing low. September HRW wheat fell 38 1/4 cents to $9.13 1/2, down 85 3/4 cents for the week. September spring wheat fell 42 cents to $9.48, down $1.22 1/2 for the week. Wheat futures extended a two-week slump amid expanding harvest pressure and chart breakdowns.

Cotton: December cotton fell 136 points to 97.48 cents per pound, down 57 points for the week. Cotton turned lower as the dollar’s climb to two-week highs raised concern demand for dollar-denominated commodities could suffer.  

Cattle: August live cattle surged $2.025 to $134.60, the highest closing price since June 22 and up $1.225 for the week. August feeder futures fell 90 cents to $174.50, up $2.00 on the week. Live cattle gained behind strength in the cash market, which climbed to the highest levels since 2015. USDA-reported live steers averaged $146.10 this week through Thursday morning, up $1.55 from last week's average. Wholesale beef continued to weaken as retail demand faded. Choice beef cutout values ended the week at $263.82, down $1.16 from a week earlier and the third straight weekly decline.

Hogs: August lean hogs rose 87.5 cents to $102.975, down $3.80 for the week. Hog futures ended the week on a firm note behind short covering after August futures dropped four consecutive sessions. Futures remain in a two-week downtrend amid ideas cash fundamentals have peaked. The next CME lean hog index is expected to fall 14 cents to $110.70, the third straight decline. Pork cutout values ended the week at $108.75, down $3.45 from a week earlier and the second straight weekly decline.

 

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