After the Bell | March 17, 2023

Corn: May corn futures rose 1 1/2 cents on the day to settle at $6.32 1/4, up 17 cents on the week. Corn futures found a bid this week after extensive selling over the last month.

Soybeans: May soybeans fell 15 cents to $14.76 1/2, the lowest close since Dec. 22 and is down 30 1/2 cents on the week. May meal dropped $8.00 to $466.00, while May soyoil ended the session 27 points lower at 57.46 cents. Soybeans edged lower, led by meal weakness as rains are forecast in Argentina.

Wheat: May SRW wheat rose 11 1/2 cents to $7.10 1/2, near the session high and hit a two-week high. For the week, May SRW rose 30 3/4 cents. May HRW what gained 16 cents to$8.35 3/4, hitting a three-week high and increasing 37 1/2 cents on the week. May spring wheat futures rose 11 3/4 cents to $8.35 3/4. It was a good week for the winter wheat futures bulls as short covering and perceived bargain buying were featured.

Cotton: May cotton fell 133 points to 77.83 cents, marking the lowest close since Nov. 1 and is down 35 points on the week. Cotton extended lower for the third straight session as crude oil and equity weakness cast a shadow over prices.

Cattle: Cattle and feeder futures posted significant losses in early Friday trading but staged sizeable comebacks later in the day. April live cattle futures ended the day having dipped just 2.5 cents to $162.325; that represented a weekly loss of $1.95. April feeder futures lost 50 cents on the day, closing at $194.65, which marked a weekly drop of $3.00. Outside influences, particularly concerns about the equity markets and economic outlook, reignited fears about sagging red meat demand this week, with aggressive futures selling causing futures to lead the cash and wholesale markets lower.

Hogs: April lean hog futures rose 42 1/2 cents to $79.875 after careening to a 17-month low in early trading. For the week, April hogs fell $7.575. This week’s price downdraft in lean hog futures put the bears in strong near-term technical control.