After the Bell | July 8, 2022
Corn: December corn surged 27 1/4 cents to $6.23 1/2, up 16 cents for the week. The corn market roared back from a steep, post-July-4-holiday slide to five-month lows with support from fund-driven corrective buying and bargain-hunting, as well as concern over an expected return of dry conditions to the Midwest beginning mid-July, which prompted traders to restore weather premium to prices.
Soybeans: November soybeans jumped 31 cents to $13.96 1/2, up 1 1/4 cents for the week. August soymeal rose $7.80 to $431.30 and August soyoil rose 97 points to 62.59 cents. Soybeans extended this week’s sharp rebound amid forecasts for drier Midwest weather. USDA’s weekly ratings Monday will indicate whether recent rains reversed a nearly month-long slippage in crop conditions.
Wheat: September SRW wheat rose 55 cents to $8.91 1/2, up 45 1/2 cents for the week. September HRW wheat rose 56 1/2 cents to $9.45 3/4, up 32 1/4 cents for the week. September spring wheat surged 57 1/4 cents to $9.91 3/4, up 45 3/4 cents for the week. Wheat led grain futures sharply higher to end the week amid bargain-buying and signs the recent price slump has stirred fresh global demand.
Cotton: December cotton jumped 375 points to 95.63 cents per pound, still down 185 points for the week. Cotton futures gained after USDA reported strong weekly export sales numbers, with net new-crop sales at 381,900 running bales (RB) and shipments at 377,800 RB.
Cattle: August live cattle fell 60 cents to $133.95, down 65 cents for the week. August feeders fell 75 cents to $171.725, down $1.875 for the week. Live cattle slipped as mid-week strength in the cash market faded. USDA-reported live steers averaged $144.37 this week through this morning, down $1.78 from last week's average, as weaker prices in southern markets offset earlier strength in the north. Choice cutout values fell 18 cents today to $267.89, still up over $4 from a week ago. But movement slowed to 91 loads.
Hogs: August lean hogs fell 32.5 cents to $109.175, still up $6.20 for the week. Hog futures posted a strong week as bullish technicals and easing concern over pork demand outweighed cash slippage. Wholesale pork strength this week suggested solid demand as retailers stocked up for mid-summer features. Pork cutout values rose $2.34 today to $114.53, a three-week high, on strong movement of 304 loads.
