After the Bell | July 25, 2023
Corn: December corn futures fell 3 cents to $5.65 1/4, closing nearer the session high. The corn futures market saw a routine and not unhealthy corrective, profit-taking pullback today following Monday’s strong gains.
Soybeans: November soybeans fell 4 1/2 cents to $14.20, closing nearer the session high, while August meal rose $6.50 to $453.80. August soyoil rose 57 points to 72.56 cents. Soybeans surrendered a portion of Monday’s gains amid corrective selling following a reach to a near 14-month high in the previous session.
Wheat: December SRW wheat rose 3 1/4 cents to $7.80 3/4 today and nearer the session high. Prices hit a five-month high early on today. December HRW wheat fell 4 1/2 cents to $9.20 3/4, near mid-range and hit an eight-month high early on. December spring wheat rose 1 1/4 cents to $9.48 1/4. The winter wheat futures markets today saw a normal pause and some chart consolidation, but an overall good day for the bulls considering Monday’s near-limit gains in December contracts.
Cotton: December cotton rallied 191 points to 87.07 cents, marking the highest close since Aug. 31. December cotton futures extended higher for the seventh straight session as weather concerns in key Texas growing regions increase potential for a curb in production.
Cattle: August live cattle futures fell 45 cents to $178.30, while deferred contracts saw steeper losses. August feeder cattle fell 2.5 cents to $243.225 as the complex closed largely flat. Live cattle futures fell for the fourth straight session as the market slid back into the resistance zone from the first half of July.
Hogs: The hog and pork complex is sustaining its summer rally, with nearby August futures adding another $1.55 to $101.65 Tuesday. Strong consumer demand is seemingly continuing to push the hog and pork markets higher.
