After the Bell | June 9, 2023
Corn: July corn futures fell 6 cents on the session to $6.04 1/4, falling 4 3/4 cents on the week. December corn futures fell 2 1/2 cents today to $5.30 1/2, bringing this week’s loss to 10 3/4 cents. Friday’s WASDE failed to break July corn futures out of the recent range. This week saw volatility that traded entirely within Monday’s range, with bulls and bears both failing to garner the momentum needed to break the range one way or the other.
Soybeans: July soybeans rose 23 1/4 cents to $13.86 1/2, marking the highest close since May 16 and a 34-cent gain on the week. November bean futures gained 15 1/4 cents to $12.04 1/4. July meal fell $6.80 to $397.20 and July soyoil rose 209 points to 54.59 cents. Soybeans worked gradually higher through the course of the week but continued to battle resistance around $13.72 1/2 ahead of the government’s monthly supply and demand updates, but bulls ultimately prevailed.
Wheat: July SRW wheat rose 4 cents to $6.30 1/4, near the session high and for the week up 11 1/4 cents. July HRW wheat fell 7 cents to $7.97 3/4, near mid-range and for the week down 14 1/2 cents. July spring wheat futures fell 4 cents to $8.11 3/4 but rose 4 cents on the week. Today’s monthly USDA supply and demand report produced no big price movements for the wheat markets.
Cotton: July cotton futures fell 27 points on the session to 84.04 cents, bringing the weekly loss to 201 points. Cotton futures saw weakness throughout this week as prices rejected off the upper end of the recent range.
Cattle: Expiring June live cattle futures fell 55 cents to $178.225 Friday, while most-active August dropped 40 cents to $171.85. That represented a weekly drop of $1.05. August feeder futures posted a strong late surge and ended the week at $239.00, which marked a daily rise of 35 cents but fell $2.90 on the week. Traders continue to anticipate a big seasonal reversal in fed cattle prices in the coming weeks.
Hogs: Expiring June hog futures edged up 20 cents to $87.875, while August lean hog futures rose $1.525 to $83.95, near the daily high and for the week up $1.65. The lean hog futures market has been trending higher the past couple weeks on improving cash market fundamentals.
