After the Bell | May 10, 2023
Corn: July corn rose 9 1/4 cents to $5.94, ending the session above the 10-day moving average. December corn rose 2 1/2 cents to $5.20 3/4, near the session high. Corn futures gained ground as bull spreading prevailed despite weakness in crude oil futures, though slightly a lower-than-expected headline consumer price index pressured the U.S. dollar.
Soybeans: July soybeans fell 10 1/4 cents to $14.04 and nearer the session low. July soybean meal rose $0.50 to $419.50, near mid-range and hit a five-month low early on. July bean oil closed dropped 99 points to 52.05 cents and nearer the session low. Chart-based selling pressure was featured in the soy complex today, amid a lack of fresh fundamental news.
Wheat: July SRW futures fell 2 1/4 cents to $6.41 1/4, well off the intraday low. July HRW futures fell 1 cent to $8.55 1/4, in the upper third of today’s range. July spring wheat rose 1 3/4 cents to $8.49 1/2. Wheat futures faced early pressure but rebounded late in today’s session, piggybacking corn gains.
Cotton: July cotton futures fell 23 points to 80.76 cents and nearer the session low. The cotton futures market treaded water today ahead of USDA reports out late this week.
Cattle: June live cattle futures fell 92.5 cents before settling at $163.00 after trading on both sides of unchanged. May feeders fell 55 cents and settled at $205.375. Cattle futures posted mild losses after trading at the highest level since May 2 early in the session.
Hogs: Concerns about the economic outlook seemed to undercut the livestock markets Wednesday. June hog futures set back from early gains, closing 22.5 cents lower at $84.175. Improving cash hog quotes and anticipation of seasonal strength seemed to power early gains in hog futures Wednesday.
