After the Bell | March 30, 2023
Corn: May corn futures fell 1 cent to $6.49 1/2 and the near the session low. Corn futures market paused today ahead of Friday morning’s USDA Prospective Planting and Quarterly Grain Stocks reports.
Soybeans: May soybean futures closed 2 3/4 cents lower at $14.74 2/4. May soybean meal had its lowest-volume day this week and settled $1.7 higher at $459.9. May soyoil saw losses of 101 points and settled at 54.37 cents, nearer the low of today’s range. Soybean futures saw a relatively tame trading day relative to the last couple weeks in what appears to be the “calm before the storm.”
Cotton: May cotton rose 74 points to 83.50 cents. Prices closed nearer the session high and hit a three-week high. More short covering was featured in cotton futures today, heading into Friday’s all-important USDA reports.
Cattle: Nearby April live cattle futures climbed $1.725 to $167.550, while the June contract gained $1.35 to $161.00. Expiring March feeder futures rallied 95 cents to $192.4 while the May future jumped $1.70 to $204.45. Packers have begun raising their bids for cash cattle, causing trade at $167.00 in the Southern Plains and $168.00 to $170.00 in the northern market, confirming our suspicions of sustained strength in the latter half of this week.
Hogs: Nearby April hog futures slid 32.5 cents to $76.45 Thursday, while most-active June futures advanced 77.5 cents to $91.60. The hog and pork markets remained under pressure Thursday.
