After the Bell | May 13, 2022
Corn: July corn futures fell 10 1/4 cents to $7.81 1/4, down 3 1/2 cents for the week. December corn fell 4 1/4 cents to $7.48 3/4, still up 28 cents for the week. Corn futures fell on pre-weekend profit-taking pressure in the wake of Thursday’s rally, triggered by USDA’s lower-than-expected 2022 U.S. yield estimate. Delayed U.S. planting concern may continue to support futures next week.
Soybeans: July soybeans surged 32 3/4 cents to $16.46 1/2, a gain of 24 1/2 cents for the week. July soymeal rallied $13.30 to $409.30, the contract’s first gain in six sessions. July soyoil rose 127 points to 83.79 cents, a two-week high. July soybeans rallied to a weekly high with support from sharp gains in crude oil and soymeal, and fresh export business from China.
Wheat: July SRW wheat rose 1 1/4 cents to $11.77 1/2, a two-month high and a gain of 69 cents for the week. July HRW wheat rose 12 cents to $12.82, a lifetime-high close and a gain of $1.11 1/2 for the week. July spring wheat rose 9 cents to $13.25 after posting a contract high for the third straight day. Wheat futures extended Thursday’s USDA-driven rally on concerns over tight global supplies.
Cotton: July cotton fell 33 points to 145.20 cents per pound, up 159 points for the week. Cotton futures gained for a second week in three behind strong crude oil prices and USDA’s lower than expected U.S. production and ending stocks estimates for 2022-23.
Cattle: June live cattle rose 42.5 cents to $132.075, still down 67.5 cents from the end of last week. August feeder cattle gained $1.50 to $168.025 but lost $6.675 for the week. Live cattle may remain under pressure next week from cash market weakness and slumping wholesale beef. Live steers this week averaged $142.41 through this morning, down about $1 from last week's average. Choice cutout values rose $1.75 today to $258.95, up from 254.44 a week ago. But movement slowed to 92 loads.
Hogs: June lean hog futures rose $3.275 to $100.75, up from a four-month low the previous day. June hogs still tumbled $3.35 for the week, the third consecutive weekly drop. Hog futures rose in a corrective bounce following a steep, three-week nosedive, though sentiment remains heavily bearish. Pork cutout values fell 89 cents to $98.60, down from $104.70 at the end of last week. Movement was stronger for a second straight day at 337 loads.