After the Bell | July 13, 2023
Corn: December corn futures rallied 16 3/4 cents before settling at $5.00 1/2, near the session high. Corn futures piggybacked overnight gains during the day session with improved demand prospects spurring buying back into the support zone of the past two weeks.
Soybeans: November soybeans rose 42 cents to $13.69 3/4, near the session high and above the 200-day moving average, while August meal rose $11.40 to $422.30. August soyoil gained 135 points to 65.69 cents. Soybeans were able to regain Wednesday’s losses following USDA’s bearish supply and demand data.
Wheat: December SRW wheat rose 7 1/4 cents to $6.59 1/2, nearer the session high and hit a five-week low early on today. December HRW wheat rose 3 3/4 cents to $8.10 3/4 and nearer the session high. December spring wheat rose 7 3/4 cents to $8.67 1/4. The winter wheat futures markets today saw short covering following recent selling pressure.
Cotton: December cotton rose 3 points to 81.68 cents, nearer the session high. Cotton futures fell under pressure early in the session following a decline in export sales, though outside market strength erased losses.
Cattle: August live cattle rose 2.5 cents to $176.90 and near the session high. August feeder cattle lost $1.575 to $245.00 and near mid-range. The cattle futures markets today saw some routine profit-taking pressure after hitting contract highs Wednesday.
Hogs: Hog futures came back from early Thursday losses, posting across the board gains at the close. The expiring July contract rose $1.175 to $102.35, while most-active August climbed $1.15 to $96.50. Renewed wholesale strength seemed to spark fresh gains in hog futures around midsession Thursday, with the latter taking back some of the big losses posted Wednesday.
