After the Bell | June 21, 2023
Corn: July corn surged 27 1/4 cents to $6.71, finishing above the 200-day moving average and at the highest level since Jan. 17. December corn rallied 31 1/4 cents to $6.28 3/4, the highest close since Oct. 14. Corn futures extended solid gains for the fourth straight session following USDA’s lower-than-expected crop ratings, while persisting forecasts of dry weather throughout the Corn Belt underpinned prices.
Soybeans: November soybeans rose 34 1/4 cents to $13.77 and near the session high. Prices hit a three-month high. August soybean meal gained $27.20 to $437.30 and nearer the session high. Prices hit a two-month high. August bean oil closed down the 400-point limit at 54.73 cents. A bull-blown weather market is playing out in the soybean and corn futures markets, which propelled soybeans and meal today.
Wheat: July SRW futures rallied 38 3/4 cents and settled at $7.34 1/2, the highest close in four months. July HRW futures closed 37 3/4 cents higher at $8.73 3/4 and near the session high. July spring wheat rose 29 3/4 cents to $8.78 3/4. Wheat futures rallied alongside corn and soybeans today despite continued seasonal pressure from the winter wheat harvest.
Cotton: December cotton fell 18 points to 80.52 cents and near mid-range. Choppy and sideways trading continues in the cotton futures market.
Cattle: August live cattle futures rose 5 cents to $169.75 despite early session weakness, while expiring June futures rose 12.5 cents to $177.25. August feeder futures fell $4.425 after gapping lower on the open and closed near session lows. Live cattle futures pared early losses to close near unchanged on the day.
Hogs: Nearby July lean hog futures fell $1.10 to $94.75 Wednesday, while most-active August dipped 42.5 cents to $92.775. Advancing cash and wholesale markets continue supporting hog futures.
