After the Bell | July 26, 2023
Corn: December corn fell 17 cents to $5.48 1/4, closing near the session low. Corn futures extended corrective selling in tandem with weakness in the wheat complex as Black Sea concerns eased due to a pause in Russian attacks on Ukrainian port structures.
Soybeans: November soybeans closed steady at $14.20 and nearer the session high. September soybean meal rose $8.30 at $444.60 and nearer the session high. Prices hit a more-than-three-month high again today. September bean oil fell 151 points at 66.97 cents and nearer the session low. Prices hit a 13-month high Monday. The soybean complex futures bulls held their markets up fairly well today, given the strong losses in the corn and wheat futures markets.
Wheat: December SRW futures fell 38 1/2 cents and settled nearer the session low at $7.42 1/4. December HRW futures led the complex lower, falling 43 1/2 cents to $8.77 1/4. December spring wheat fell 34 1/2 to $9.07 1/2. Wheat traded in a volatile session that saw a spike lower near limit down midday, though prices recovered somewhat by the close as a potential corridor for Ukrainian grain was found, easing wheat supply concerns for the time being.
Cotton: December cotton rose 86 points at 87.93 cents and near the session high. Prices hit an 11-month high today. The cotton market bulls continue to be fueled by upbeat trader and investor attitudes, evidenced by the U.S. stock indexes at or near their highs for the year and trending up.
Cattle: August live cattle futures posted a 37.5-cent advance to $178.675 Wednesday, while tumbling grain markets boosted August feeder futures 97.5 cents to $244.20. The usual light trading to start this week’s activity seems to be pointing to another cash market advance.
Hogs: August lean hogs traded on both sides of unchanged before settling unchanged at $101.65, though deferred contracts fell. Lean hog futures traded lower throughout the session but closed strong, ending the day unchanged.
