After the Bell | June 26, 2023
Corn: July corn rose 6 1/2 cents to $6.37 1/4, a mid-range close, while December corn rose 1/4 cent to $5.88 1/4. Corn futures traded a choppy range as traders continue to monitor forecasts, which lean faintly positive as pollination approaches.
Soybeans: July soybeans rallied 26 1/2 cents closing at $15.21, near the session high. July meal futures rose $3.9 to $414.6, a mid-range close. July soyoil climbed 157 points to settle at 59.51 cents. Soybean futures saw gains today, especially in old crop futures as bulls reversed losses from late last week.
Wheat: December SRW wheat closed down 6 cents at $7.55 3/4 and near the session low after hitting a three-month high early on today. December HRW wheat rose 5 cents at $8.68, still nearer the session low. Spring wheat futures closed 2 1/2 cents lower in the July contract at $8.62 1/4. Today’s low-range closes hint the winter wheat futures bulls have become exhausted.
Cotton: December cotton fell 81 points to 77.86 cents, the lowest close since Dec. 12. Cotton futures extended lower for the fourth straight session as weekend rains in key U.S. growing areas enhanced the production outlook, largely overshadowing supportive outside markets.
Cattle: August live cattle fell 17 1/2 cents to $170.60. August feeder cattle fell 27 1/2 cents to $233.675. Prices closed near mid-ranges. Weakening cash market fundamentals limited buying interest in the cattle futures markets today.
Hogs: August lean hog futures rose 37.5 cents and closed at $90.05, near the session low. Meanwhile, nearby July futures charged higher, rising $2.125 to $93.40. Lean hog futures continue to trade in a tight range as neither bulls nor bears have the momentum to break out of technical zones.
