After the Bell | March 16, 2023
Corn: May corn rose 6 1/4 cents to $6.32 3/4, the highest close since March 7. Nearby corn futures extended higher for the third straight session as export demand has proven solid this week.
Soybeans: May soybeans rose 2 1/4 cents to $14.91 1/2 and near mid-range. May soybean meal fell $4.40 at $474.00 and nearer the session low. May bean oil gained 139 points at 57.73 cents and near the session high. Soybean complex traders remained pensive today as the U.S. and European banking turmoil plays out and worries about a U.S. and/or global economic recession are rising.
Wheat: May SRW futures fell 3 3/4 cents to $6.99. HRW futures closed flat at $8.19 3/4, near session highs. May spring wheat futures closed 5 3/4 cents lower at $8.46 3/4, in the middle of today’s range. Weather has been favorable in portions of Europe for their winter wheat crops.
Cotton: May cotton rose 5 points at 79.16 cents, nearer the session high after hitting a nearly four-month low early on. Cotton market bulls are being squelched this week by keen risk aversion in the general marketplace.
Cattle: April live cattle futures rose 80 cents to close at $162.35. Most-active April feeder cattle futures rose $1.90 to settle at $195.15. Live cattle futures rebounded today despite the rout in lean hog futures.
Hogs: Nearby April hog futures led the complex lower Thursday, plummeting $4.30 to $79.45 at the close. Little has changed concerning short-term hog and pork price fundamentals.
