After the Bell | July 10, 2023
Corn: December corn rose a nickel to $4.99 1/2, a mid-range close. Corn futures edged higher as spillover strength stemmed from notable gains across the soy complex, though a continued pattern of sideways consolidation is expected up to USDA’s release of fresh supply and demand data on Wednesday.
Soybeans: November soybeans surged 27 3/4 cents to close at $13.45 1/2. August meal futures settles $3 higher at $405.8. August soyoil futures led the complex higher, rising 276 points to 65.33 cents, the highest close since November. Trade started the week off strong with steady gains across the board as forecasts turn hot and dry next week.
Wheat: December SRW wheat fell 3 cents at $6.63 1/2 and nearer the session low. December HRW wheat dropped 5 1/4 cents at $8.14 1/4 and nearer the session low. September spring wheat futures rallied 2 1/2 cents to $8.50 1/4. The winter wheat futures bulls continue to struggle despite big gains in soybean futures today and decent gains in corn.
Cotton: December cotton fell 192 points to 79.25 cents, ending the session below the 40- and 20-day moving averages. December cotton handed back all of Friday’s gains amid demand concerns in China following weak economic data.
Cattle: August live cattle rose 20 cents to $177.20 and near mid-range. August feeder cattle gained 82 1/2 cents to $246.25 and nearer the session high. The live and feeder cattle futures markets were supported today by cash market fundamentals that are still sound, overall.
Hogs: August lean hog futures fell 97.5 cents to settle at $94.175, while nearby July futures fell 20 cents to $98.80. Lean hog futures continued the recent rejection off the $100 level today despite the surging cash index making a new-move high.
