After the Bell | May 11, 2023
Corn: July corn futures fell 11 3/4 cents and closed near the session low at $5.82 1/4. December futures fell 7 cents to $5.13 3/4. Corn futures saw extensive selling as traders position ahead of tomorrow’s USDA reports.
Soybeans: July soybeans rose 1 1/2 cent to $14.05 1/2, a high-range close after trading to the lowest level since March 24. July meal surged $11.90 to $431.40, while July soyoil fell 90 points to 51.15 cents. While soybeans spent most of the overnight session working lower, futures were able to reverse course after the morning open following solid meal gains amid further cuts to the Argentine crop.
Wheat: July SRW wheat fell 14 cents to $6.27 1/4. July HRW wheat dropped 13 3/4 cents at $8.41 1/2. Prices closed nearer the session lows. July spring wheat fell 12 3/4 cents to $8.36 3/4. Technical selling and a mildly risk-off day in the general marketplace today pressured the SRW futures market.
Cotton: July cotton fell 114 points to 79.62 cents, ending the session near the intraday low. Cotton futures extended follow through selling for the fourth straight session, as the U.S. dollar made notable gains while crude oil gave up gains from earlier in the week, outshining positivity from strong weekly cotton sales.
Cattle: June live cattle edged 5 cents lower to $162.95 Thursday, whereas August feeder futures surged 92.5 cents to $226.075 in response to grain market weakness. Cattle producers apparently gave in to bearish short-term cattle market expectations again Wednesday, with the five-area average for Monday-Wednesday falling to $171.58 after cattle traded lightly at $176.00-$177.00 earlier in the week.
Hogs: June lean hogs fell 30 cents to $83.875 today and nearer the session low. The hog futures bulls continue to struggle and were hit today by a weakening fresh pork market and weaker U.S. export sales numbers.
