After the Bell | June 27, 2023
Corn: December corn futures fell 27 1/4 cents to $5.61, ending nearer the session low. Today’s price action in the corn market suggests the dry weather in the Corn Belt and the dip in the crop condition ratings have been fully factored into futures prices.
Soybeans: July soybeans fell 14 1/4 cents to $6.23, marking a low-range close. November soybeans fell 28 3/4 cents to $12.94 1/4, ending the session below the 10-day moving average. July meal closed $7.30 lower to $407.30, while July soyoil rose 104 points to 60.55 cents. The soy complex fell under extended pressure amid continued forecasts of improving weather across the Midwest, largely ignoring USDA’s drop in crop condition ratings.
Wheat: December SRW wheat closed down 39 1/2 cents to $7.16 1/4. December HRW wheat closed down 27 1/2 cents at $8.40 1/2. Prices closed nearer their session lows today. December Spring wheat fell 26 cents to $8.53 3/4. The wheat futures markets today fell victim to the big sell offs in corn and soybeans as the weather scare in those markets appears to have fizzled out.
Cotton: December cotton fell 80 points to 77.06 cents, the lowest close since Nov. 29. December cotton experienced follow-through selling amid improving weather prospects and USDA condition ratings.
Cattle: August live cattle futures rallied $1.90 on the day to close at $172.50, while expiring June futures closed $1.60 higher at $179.3. August feeder cattle futures surged $4.825 to close at $238.5. Cattle futures surged on the day in a technical breakout, ending the norm of recent weakness.
Hogs: Hog futures traded mixed Tuesday, with nearby July futures climbing 72.5 cents to $94.125 and August surging $1.00 to $91.05. The deferred contracts declined. As one would expect, cash hog prices continued their seasonal advance Tuesday.
