After the Bell | May 15, 2023
Corn: July corn rose 6 1/4 cents to $5.92 1/2 and ended the session above the 10-day moving average. Corn futures notched spillover strength from the wheat complex following Friday’s lower-than-expected new crop winter wheat production estimates.
Soybeans: July soybeans rallied 10 3/4 cents to settle at $14.00 3/4. July meal fell $2.00 to $430.90 after trading at the highest level since April 24. July soyoil rose 17 points to 46.69 cents. July soybean futures saw spillover strength from wheat today following Friday’s report.
Wheat: July SRW wheat gained 25 3/4 cents at $6.60 3/4 and nearer the session high. July HRW wheat rose 21 1/4 cents to $8.98 1/4. Prices closed nearer the session high and hit a nearly six-month high. Spring wheat futures rose 27 1/4 cents to $8.73 1/4. Short covering was featured in SRW futures today, while technical buying was featured in HRW.
Cotton: July cotton rose 184 points to 82.37 cents, finishing the session above the 10-, 20- and 40-day moving averages. Cotton futures extended Friday’s gains, taking support from the grain complex and supportive outside markets.
Cattle: June live cattle fell 7 1/2 cents to $164.325. August feeder cattle jumped $2.075 to $231.05. Prices closed nearer their session highs. The live cattle futures market today paused after showing good strength recently and moving well up from the early May low.
Hogs: June lean hogs rallied $2.05 to settle at $86.15, the highest settlement since May 4. Lean hog futures pushed higher after consolidation taking place most of last week, with prices pushing to the highest level since May 5.
