After the Bell | July 18, 2023
Corn: December corn futures gained 28 1/2 cents to $5.34 1/2, near the session high and hitting a three-week high. Overnight news that Russia attacked Ukraine’s Odesa grain port appeared to be the fuel to spark a solid rally in the grain markets today.
Soybeans: November soybeans rose 17 1/4 cents to $13.95 1/4, after reaching the highest level since Dec. 30. August meal rose $8.30 to $442.70, while August soyoil fell 71 points to 64.05 cents. Soybean futures extended the recent rally to four consecutive days as traders seemingly shrugged off USDA’s improved condition ratings as surging soymeal futures overshadowed the government’s weekly update.
Wheat: December SRW wheat rose 16 3/4 cents at $6.90 1/2. December HRW wheat gained 12 1/4 cents at $8.32 1/4. Prices closed nearer their session highs today. December spring wheat rose 3/4 cent to $8.86 1/2. Overnight news that Russia attacked the major grain port of Odesa boosted the grain markets today by adding keener uncertainty to grain being shipped out of the Black Sea region.
Cotton: December cotton rose 12 points to 82.25 cents after reaching as high as 83.00 cents. New-crop cotton futures extended Monday’s gains overnight, but ultimately faded to post slight gains despite notable strength in crude oil futures and equities.
Cattle: August live cattle rallied $1.15 to a contract-high close at $181.275. August feeder cattle succumbed to grain market strength, falling $1.25 to $248.00. Cattle futures traded inside of Monday’s range, just shy of the all-time high as bulls garner momentum for another leg higher.
Hogs: August hog futures rebounded from Monday’s big losses, climbing $1.50 to $96.275, whereas deferred contracts were mixed. Sustained cash strength likely boosted the nearby August lean hog contract Tuesday.
