After the Bell | July 24, 2023
Corn: December corn surged 32 cents to $5.68 1/4, marking the highest close since June 26. Escalating tensions in the Black Sea put wind in the grain complex’s sails, allowing corn futures to foster notable strength to start the week.
Soybeans: November soybeans rallied 22 3/4 cents to $14.24 1/2, the highest level since December. August soymeal rallied $4.50 before settling at $447.30. August soyoil rallied 259 points to the highest level since December on the continuation chart, settling at 71.99 cents. Soybean futures saw strong gains today, piggybacking grains that rose on geopolitical strife throwing a potential wrench in the world’s food supply chain.
Wheat: December SRW wheat surged 59 3/4 to $7.77 1/2 and closed at a five-month high close. December HRW wheat gained 58 1/2 cents to $9.25 1/4 and hit an eight-month high. Both markets closed near their daily highs and near limit-up. September spring wheat futures rallied 49 cents to $9.36. The wheat futures markets surged today as the Russia-Ukraine war escalates, with Russia attacking more Ukraine grain facilities, while Ukraine strikes back with drone attacks inside Russia’s border.
Cotton: December cotton rose 68 points to 85.16 cents, the highest close since March 1. December cotton pushed decidedly higher, taking spillover strength from the grain and soy complex while crude oil futures helped garner support.
Cattle: August live cattle fell $1.275 to $178.75. August feeder cattle closed down $2.675 at $243.25. Prices closed nearer the session lows. The cattle futures markets saw selling pressure due to profit taking from recent gains and the big gains in the grain futures markets.
Hogs: August lean hogs fell 57.5 cents to $100.10 as profit-taking overcame the continued cash market strength. Lean hog futures fell under pressure despite continued fundamental strength.
