After the Bell | June 7, 2023
Corn: July corn fell 3 3/4 cents to $6.04 1/4, near the session low. Nearby corn attempted another test of resistance at $6.12 1/2, though efforts were stifled once more as pressure in deferred contracts and the lower wheat complex weighed on futures.
Soybeans: July soybeans rose 7 1/2 cents to $13.60 3/4 and near mid-range. Prices hit a two-week high early on. July soybean meal gained $8.50 to $405.20 and near the session high. July bean oil fell 45 points at 50.47 cents, near the session low and hit a three-week high early on. The soybean and meal futures markets saw some short covering and perceived bargain buying today.
Wheat: July SRW futures fell 11 cents to $6.16 3/4, ending the day near the session low. July HRW futures lead the complex lower, falling 32 1/4 cents to $7.88, near the session low., while July spring wheat fell 22 1/2 cents to $7.94. Wheat futures fell sharply on technical selling and harvest pressure. USDA is releasing production estimates Friday, with the trade expecting winter wheat production to rise compared to a month ago.
Cotton: July cotton fell 33 points at 85.01cents today, ending near the session high, while December cotton fell 55 points to 81.23 cents. The cotton futures market saw some mild price pressure today, but trading overall remains choppy in a well-defined trading range on the daily charts.
Cattle: Cattle futures surged to fresh records in early Wednesday trading but turned lower by the close. The expiring June contract settled down 82.5 cents at $179.00, while most-active August tumbled $2.30 to $173.20. Nearby August feeder futures plunged $4.15 to $239.10. Despite having the USDA confirm much greater Tuesday cash trading at the $190.00 level and fresh wholesale strength, cattle futures turned decidedly lower as the session passed, with low range closes suggesting the contracts have peaked.
Hogs: August lean hog futures fell $1.4 and settled at $83.1, while expiring June futures fell 60 cents to $87.70. Lean hog futures were unable to break above yesterday’s high in today’s rangebound session.
