After the Bell | May 1, 2023

Corn: July corn fell 1/2 cent to $5.84 1/2, marking a high range close. Corn futures were overwhelmed by U.S. dollar strength as investor optimism rebounded following stronger-than-expected construction spending and ISM manufacturing data.

Soybeans: July soybeans rallied 8 1/4 cents to $14.27 1/2, nearer the session high. July meal futures rose $1.2. closing at $433.6, just 3 ticks off the daily high. July soyoil settled at 51.81 cents, 14 points higher on the day. Soybean futures saw a continuation of Friday’s rally as planting problems persist in the Northern Plains.

Wheat: July SRW wheat fell 15 1/2 cents at $6.18 1/4. Prices closed nearer the session low and hit a 22-month low. July HRW wheat dropped 19 cents at $7.57 1/4. Prices closed nearer the session low and hit a 14-month low. July spring wheat futures fell 12 3/4 cents to settle at $7.91. Technical selling pressure, a solidly higher U.S. dollar index and weaker crude oil prices today, all weighed heavily on wheat futures markets.

Cotton: July cotton rose 51 points to 81.31 cents, ending the session above the 10-day moving average. Cotton futures were able to notch higher, with stronger-than-expected construction spending and ISM manufacturing data providing support.

Cattle: June live cattle fell 60 cents to $164.875 and nearer the session low. May feeder cattle closed down $1.275 at $209.70, near the session low. The cattle futures markets today saw some profit-taking pressure from the speculators.

Hogs: June lean hog futures fell $2.00 to settle at $89.70. Lean hog futures saw corrective selling after last week’s rally as futures removed premium from summer contracts.