After the Bell | July 6, 2023
Corn: December corn futures rallied 13 cents before closing at $5.06 1/2, near the intraday high. Corn futures surged on corrective buying as bears lost steam heading into oversold territory, retracing a portion of the $1.40 lost in the past nine trading sessions.
Soybeans: November soybeans fell 15 1/2 cents to $13.39 1/2, finishing nearer the session low. August meal fell $1.90 to $408.20. August soyoil fell 205 points to 62.98 cents. The soy complex faced pressure as profit-taking in soyoil futures steered losses.
Wheat: December SRW wheat fell 13 3/4 cents to $6.76 1/2 and nearer the session low. December HRW wheat edged up 1/4 cent to $8.44 3/4 and near mid-range. December HRS wheat rose 1 1/4 cents to $8.64 3/4. The wheat market bulls stood on the sidelines today despite good price gains in the corn market.
Cotton: December cotton fell 35 points to 79.88 cents. December cotton futures faced a second day of selling as weather conditions improve in key growing areas, while weakness in equities cast a further shadow.
Cattle: August live cattle fell $0.375 to $174.575 and nearer the session high. August feeder cattle dropped $2.245 to $242.275. Feeder prices closed near mid-range today after hitting a contract and record high Wednesday. The cattle futures markets saw profit-taking pressure today after recent gains.
Hogs: Nearby hog futures set new summer highs but couldn’t sustain the gains Thursday. Expiring July hogs dipped $1.225 to $100.05, while August slipped 32.5 cents to $97.125. The lean hog index continued its summer surge early this week, with Monday’s rise of 37 cents to $95.68 officially confirmed this morning.
