After the Bell | May 22, 2023
Corn: July corn rose 16 1/2 cents to $5.71, nearer the session high. Corn futures found near-term corrective buying strength following a month-long selloff.
Soybeans: July soybeans rallied 34 cents and closed near session highs at $13.41 1/4. July meal traded just $3.10 higher before closing at $412.2, in the middle of today’s range. July soyoil closed 150 points higher at 48.77 cents. Soybeans posted impressive gains today, but still posted an inside day compared to Friday’s session.
Wheat: July SRW wheat rose 1 1/4 cents to $6.06 1/4. Prices closed near mid-range and hit a two-year low early on. July HRW wheat closed up 1 1/2 cents to $8.25 3/4 and nearer the session high. Spring wheat futures closed 5 1/2 cents higher at $8.09 1/2. The wheat futures bulls today were disappointed their markets did not post decent gains amid the solid rallies in corn and soybean futures.
Cotton: July cotton fell 140 points to 85.32 cents after trading as high as 87.25 cents. Cotton futures encountered corrective selling following last week’s surge higher.
Cattle: June live cattle fell 67 1/2 cents to $165.05, a mid-range close. August feeder cattle lost 20 cents to $234.90 and nearer the session high. The cattle futures markets today saw mild profit-taking pressure after June live cattle hit a five-week high Friday and August feeders pushed to a contract high Friday.
Hogs: June lean hog futures fell $1.20 and made a new contract low before settling at $81.825. Lean hog futures made a new contract low after continuing last week’s rejection and continued technical selling pressure.
