After the Bell | March 8, 2023

Corn: May corn dropped 8 3/4 cents to $6.25 1/2, marking the lowest close since March 1. Corn spent the morning slightly firmer in anticipation of USDA’s supply and demand updates which ultimately proved bearish, pressuring prices to the downside following its release.

Soybeans: May soybeans rose 2 1/4 cents to $15.17 3/4. May soybean meal saw losses of $2.10 and closed near the low at $485.70. March soyoil saw corrective buying today, finishing 42 points higher at 59.08 cents. Traders eyed the USDA report today expecting it to ultimately decide a direction for this soybean market and were sorely disappointed.

Wheat: May SRW wheat fell 10 1/2 cents to $6.87 1/2 and nearer the session low. May HRW wheat rose 1 cent to $8.00 1/4 and near mid-range. Both markets hit new contract lows in the May futures again today. May spring wheat fell 14 1/4 cents to $8.38 1/2. Today’s USDA March supply and demand report showed no major surprises for the wheat markets.

Cotton: May cotton fell 15 points to 82.62 cents, ending the session below the 100-day moving average. Cotton futures extended the previous session’s weakness, as crude oil futures pressed lower and the U.S. dollar pushed mildly higher.

Cattle: April live cattle fell 52 1/2 cents to $165.45 and near mid-range. May feeder cattle gained $1.95 at $206.15, near the session high and hit another contract high. Live cattle futures saw more mild profit taking after hitting a contract high Monday.

Hogs: Nearby April hog rallied 95 cents to $85.75 Wednesday but stalled at overhead resistance. The cash and wholesale pork markets continued climbing Wednesday, with pork cutout surging $1.49 to $88.51.