After the Bell | May 17, 2022
Corn: July corn futures fell 8 3/4 cents to $8.00 3/4. December corn fell 4 3/4 cents to $7.60 3/4. Corn futures were pressured by a big jump in U.S. planting progress last week and spreading from a surging wheat market. USDA reported 49% of the U.S. corn crop was planted as of Sunday, up from 22% a week earlier but still well behind the 67% average for the past five years.
Soybeans: July soybeans rose 21 1/2 cents to $16.78, the highest closing price since April 29. November soybeans rose 13 1/2 cents to $15.25 1/2. July soymeal fell $1.80 to $411.80. July soyoil rose 50 points to 83.49 cents. Nearby soybeans rose for a sixth straight session behind strengthening technicals and a jump in corn planting progress that could reduce the likelihood of U.S. farmers shifting more land to beans.
Wheat: July SRW wheat surged 30 cents to $12.77 1/2, a lifetime-high close. July HRW wheat rose 15 3/4 cents to $13.67 3/4, the highest close for a nearby HRW contract since February 2008. July spring wheat rose 8 1/2 cents to $13.93 1/2. SRW futures led a wheat market recovery from overnight declines behind ongoing concern over deteriorating U.S. crop conditions and shrinking global supplies.
Cotton: July cotton fell 219 points to 148.46 cents per pound. Cotton futures pulled back from recent gains amid concern that high prices may curtail demand.
Cattle: June live cattle fell 17.5 cents to $133.00. August feeder futures fell 65 cents to $166.775. Live cattle fell on signs of weakness in the cash market, with trade in the Southern Plains reported around $137.00 to $138.00. Choice cutout values rose 17 cents to $260.48, the highest in two weeks. Movement was stronger at 118 loads.
Hogs: June lean hogs rose $1.325 to $105.15, the highest close since May 6. Hog futures extended a sharp bounce from last week’s plunge to four-month lows, boosted by signs of improving demand. Pork cutout values rose 56 cents to $102.11, the highest in over a week, while movement totaled over 366 loads, the highest daily total in two months.
