After the Bell | June 6, 2022

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Corn: July corn rose 15 1/2 cents to $7.42 1/2, while December rose 12 1/2 cents to $7.02 1/2. Nearby corn posted its first gain in five sessions as a wheat rally sparked corrective buying. USDA late today reported the U.S. corn crop 94% planted as of Sunday, up from 86% a week earlier and about 1 percentage point above expectations. In its first condition ratings for 2022, USDA rated the crop 73% "good" or "excellent," up from 72% in those categories a year ago. Ratings topped analysts' expectations for a good-to-excellent number around 68%.

Soybeans: July soybeans rose 1 1/2 cents to $16.99 1/4. July soymeal fell 80 cents to $407.10 per ton. July soyoil fell 66 points to 81.19 cents per pound. The soy complex gained initial support from strength in wheat and crude oil markets but faded to end mixed. USDA said 78% of the U.S. soybean crop was planted as of Sunday, up from 66% a week earlier and just behind the 79% five-year average for that date.

Wheat: July SRW wheat rose 53 cents to $10.93 and July HRW wheat rose 49 cents to $11.70, both near session highs. July spring wheat rose 38 3/4 cents $12.30 1/2. Wheat futures extended an overnight rally sparked by doubts over a potential agreement to resume Ukrainian wheat shipments, with delayed planting in the U.S. Northern Plains also lending support. The U.S. spring wheat crop was 82% planted as of Sunday, USDA said, up from 73% a week earlier and behind the five-year average of 97%.

Cotton: July cotton dropped 44 points to 137.74 cents per pound. July cotton was pressured by long liquidation ahead of options expiration and USDA’s June crop report, both Friday. Outside markets were also negative, as the U.S. dollar index firmed and crude oil faded sharply from earlier highs.

Cattle: August live cattle fell 95 cents to $132.90. August feeder cattle sank $1.90 to $171.975. Live cattle took spillover pressure from weakness in feeders and expectations for further cash market weakness. Live steers last week averaged $138.07, down $1.00 from the previous week and the fourth straight weekly decline. Choice cutout values rose $2.32 today to $269.58, near a seven-week high, but movement was a light 70 loads.

Hogs: July lean hogs fell $1.775 to $108.975, the lowest closing price since May 31. Hog futures fell a third straight session as the market extended a corrective, profit-taking setback following a three-week rally. Continued strength in cash fundamentals may limit futures declines. The CME lean hog index rose $1.02 to $106.05 (as of June 2), the 11th gain in the past twelve days. Tomorrow’s index is expected to jump another $1.29 to $107.34. Pork cutout values erased a sharp morning jump and ended down 59 cents at $108.79.

 

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