After the Bell | June 14, 2023
Corn: July corn fell 4 3/4 cents to $6.07 3/4, a mid-range close, while December futures fell 2 cents to $5.49 1/4. Corn futures recovered from overnight weakness early in the session but began handing back gains around mid-morning despite support from a weaker U.S. dollar.
Soybeans: July soybeans led the complex lower, falling 11 cents to $13.88 1/4, while November soybeans rose 1/2 cent to $12.40 and nearer the session high and at a four-week high close. July soybean meal fell $7.80 to $389.70 and near the session low. Prices closed at a 10-month-low close. July bean oil gained 53 points to 55.96 cents. Prices closed nearer the session high and hit a two-month high. Soybean bulls still have some momentum on their side amid rising concerns about dry weather in the Corn Belt potentially crimping yield potential.
Wheat: July SRW futures fell 6 cents on the session before settling at $6.30 1/4, nearer the session low. July HRW futures also fell 6 cents on the day, closing at $7.85 3/4. July spring wheat fell 1/2 cent to $8.09 1/4. Wheat futures continue to fail against overhead technical resistance as winter wheat harvest weighs on prices.
Cotton: December cotton fell 91 points to 80.11 cents and nearer the session low. Prices hit a two-week low today. Trading in the cotton futures market remains choppy and sideways in a range, overall, amid conflicting near-term market fundamentals.
Cattle: Anticipation of cash market losses sent cattle futures lower Wednesday, with nearby June falling $1.975 to $177.45 and most-active August tumbling $2.95 to $170.925. August feeder cattle futures plunged $4.55 to $235.90. A few hundred head of cattle changed hands at $186.00 in Nebraska Tuesday, which represented a $4.00 drop from last week’s early trading.
Hogs: August lean hog futures surged $2.25 before settling at $89.675. The June contract expired 7.5 cents higher at $87.20 at noon. Lean hog futures continued the recent uptrend despite mild profit taking on Tuesday.
