After the Bell | June 2, 2022
Corn: July corn futures fell 1 cent to $7.30 1/4, the contract’s lowest settlement since April 1, while December corn gained 2 3/4 cents to $6.94 1/4. Corn futures ended mixed as the market consolidated following sharp declines the previous session and traders monitored U.S. weather and the Ukraine war.
Soybeans: July soybeans rose 39 cents to $17.29 1/4, while November soybeans gained 26 1/2 cents to $15.41 3/4. July soymeal rose $2.20 to $414.90. July soyoil rose 333 points to 81.44 cents. Soybeans surged sharply amid fresh export business, planting delays centering on the northern Midwest and ongoing concern over tight global vegoil supplies.
Wheat: July SRW wheat rose 17 cents to $10.58 1/4. July HRW wheat rose 15 1/4 cents to $11.43 1/2. July spring wheat rose 2 1/2 cents to $11.99 1/2. Wheat futures surged on corrective buying and short covering in the wake of steep losses the previous two sessions, but prospects for an agreement to allow grain exports from Ukraine limited buying interest.
Cotton: July futures climbed 305 points to 139.11 cents per pound, while December climbed 167 points to 120.10. Recent rains and forecasts for more over much of the Texas cotton-growing region pressured cotton futures, adding to other recent bearish factors, including surprisingly high crop ratings.
Cattle: August live cattle rose $1.225 to $134.125, the contract’s highest closing price since May 11. August feeder futures rose $3.25 to $172.95. Live cattle climbed amid signs cash prices were firming from early-week levels and expectation for active retail beef buying for summer holidays.
Hogs: July lean hogs fell 25 cents to $112.175, after hitting a five-week high earlier. Hog futures consolidated after Wednesday’s rally, with cash market fundamentals remaining firm. The next CME lean hog index is expected to rise 12 cents to $105.03, the benchmark’s 10th gain in 11 days.