After the Bell | May 16, 2023
Corn: July corn futures fell 11 1/4 cents to $5.81 ¼, nearer the session low. Corn futures have been trading choppy and sideways at lower price levels for the past two weeks.
Soybeans: July soybeans fell 36 3/4 to $13.64, the lowest close since July 25, 2022. July meal fell $4.00 to $426.90, while July soyoil fell 224 points to 47.45 cents. July soybeans plunged amid broad risk-off sentiments ahead of the expiration of the Black Sea grain deal along with global economic concerns and the political deadlock over the U.S. government’s borrowing limit.
Wheat: July SRW wheat fell 13 1/4 cents to $6.47 1/2, nearer the session low. July HRW wheat lost 3 cents at $8.95 1/4, closing nearer the session high. July spring wheat rose 5 1/2 cents to $8.78 3/4. The HRW wheat futures market today saw modest profit taking after hitting a nearly six-month high Monday.
Cotton: July cotton rose 101 points to 83.38 cents, ending the session above the 100-day moving average. Cotton futures were able to extend higher on short-covering efforts for the third straight session despite a broad risk-off tone across equities and commodities amid economic concerns as negotiations over the U.S. debt ceiling resumed today.
Cattle: June live cattle futures fell 45 cents to $163.875, while August feeders rose 42.5 cents to the highest level since April 28 at $231.475. Live cattle futures have continued the recent downtrend from the April contract high as overall markets had a down day on macroeconomic concerns.
Hogs: June hog futures led the complex higher Tuesday, climbing $1.05 to $87.20. The traditional seasonal advance in hog and pork prices is now in full swing, although the size of the rally and the length of time it will take are unknown at this juncture.
