After the Bell | July 17, 2023
Corn: December corn fell 7 3/4 cents to $5.06, after trading the highest level since June 30 earlier in the session. Corn futures retreated from overnight highs as outside market pressure and forecasts for mostly favorable weather through much of the Midwest weighed on prices.
Soybeans: November soybeans rose 7 1/4 cents to $13.78, the highest close since Feb. 23. August soymeal rallied $10.6 to $434.4. August soyoil fell 29 points before settling at 62.57 cents. November soybean futures continue to climb higher but were unable to maintain last night’s gap higher caused by increased geopolitical risk around the Black Sea.
Wheat: December SRW wheat fell 7 cents to $6.73 3/4. December HRW lost 13 1/2 cents at $8.20. Prices closed near their session lows. December spring wheat futures fell 3 3/4 cents to $8.85 3/4. Wheat market bulls got no traction today from news that Russia formally notified Ukraine, Turkey and the United Nations that it is suspending its participation in the Black Sea grain-shipping deal.
Cotton: December cotton rose 91 points to 82.13 cents and finished above the 100-day moving average. December cotton futures rallied despite little support from outside markets, as production concerns increased amid forecasts of hot, dry weather in key growing areas.
Cattle: August live cattle fell 5 cents to $180.125 today and nearer the session low after hitting another contract high early on. August feeder cattle gained $2.60 to $249.25, a fresh contract high close. Still firmly bullish technical and a strong cash market continue to fuel the cattle futures markets to the upside.
Hogs: August lean hogs closed $1.425 lower at $94.775, nearer the session low. Expiring July futures rallied 37.5 cents to $102.35 before trading ceased at noon today. Lean hog futures continue to fall under pressure despite strengthening fundamentals.
