After the Bell | June 13, 2023
Corn: July corn futures fell 4 3/4 cents to $6.12 1/2 and was the only contract in the complex to close lower on the day as December futures rallied 2 cents to $5.51 1/4. Corn futures pared gains in the latter half of the session as technical pressure urged selling.
Soybeans: July soybeans rose 26 1/2 cents to $13.99 1/4, finishing the session above the 40-day moving average for the first time in nearly two months and marking the highest close since May 15. The soy complex edged higher, led by a surge in soybean futures amid a second week of lower-than-expected government ratings and supportive outside markets.
Wheat: July SRW futures rallied 2 1/2 cents to $6.36 1/4, the highest close in five weeks. July HRW futures fell 4 3/4 cents to $7.91 3/4 after being up as much as 10 cents, while July spring wheat fell 4 1/2 cents to $8.09 3/4. Wheat futures held onto gains in the latter half of the session compared to corn, but continued seasonal harvest and technical pressure are capping prices for the time being.
Cotton: July cotton fell 77 points to 82.72 cents, ending the session below the 100- and 40-day moving averages. July cotton futures slid lower for the fourth straight session as mostly favorable weather in key growing areas outweigh supportive outside markets.
Cattle: Cattle futures bounced from early losses today and closed near the daily highs. The expiring June contract settled at $179.425, up 35 cents, while most-active August rose 72.5 cents to $173.925. August feeder futures rallied $1.40 to $240.45. As is so often the case, there was minimal cash trading Monday as feedlot operators and packer buyers staked out their trading positions to start the week.
Hogs: Hog futures were mixed Tuesday, with nearby contracts weak and the deferred rising. The expiring June contract slipped 5 cents to $87.125, while August edged up 5 cents to $87.425. The cash hog and wholesale markets continued their recent advances today.
