After the Bell | March 27, 2023
Corn: May corn rose 5 1/4 cents to $6.48 1/4, near the session high and the highest close since Feb. 24. Corn futures extended Friday’s gains to a four-week high after shaking off lackluster export inspections, while wheat and soybeans ultimately offered spillover support.
Soybeans: May soybeans rose 14 cents at $14.42 1/4 and nearer the session high. May soybean meal gained 90 cents at $446.00 and nearer the session high. May bean oil closed up 128 points at 54.55 cents and near the session high. Short covering was featured in the soybean futures complex today, following last week’s strong selling pressure, especially in soybeans and soybean meal.
Wheat: May SRW futures closed 9 1/2 cents higher at $6.98, in the upper-third of today’s range. May HRW futures closed 12 1/4 cents higher at $8.60 1/4 after rejecting off the 100-day moving average. Spring wheat futures closed 16 cents higher at $8.73 1/2. News of Russia escalating their conflict with Ukraine by potentially adding nuclear weapons in Belarus did little to bolster wheat markets overnight, but buyers quickly overcame sellers once regular trading hours began at the morning open.
Cotton: May cotton futures closed 298 points higher at 79.52 cents after spending most of the afternoon limit up. Cotton futures were bolstered by a strong crude oil market as May futures closed limit up in the natural fiber.
Cattle: April live cattle rose $1.90 to $164.90, near the session high and hit a nearly three-week high. May feeder cattle gained $3.825 at $201.375 and closed nearer the session high. Short covering and bargain hunting were featured in the cattle futures markets today amid improved trader and investor risk appetite in the general marketplace.
Hogs: April lean hogs rose $1.45 to $78.625, above initial resistance of $77.925. April lean hogs gapped higher to begin the session, extending Friday’s corrective buying efforts in a bold attempt to secede from technically oversold territory despite a weakening cash market.
