After the Bell | May 23, 2023
Corn: July corn futures rose 6 1/2 cents to $5.77 ½, near the session high. More short covering was featured in corn futures after prices last week hit a 1.5-year low.
Soybeans: July soybeans fell 18 3/4 cents to $13.22 1/2, ending nearer the session low, while July meal fell $5.80 to $406.40. July soyoil ended 101 points lower at 47.76 cents. The soy complex was the clear underdog today, after having made the largest gain since September in the previous session.
Wheat: July SRW wheat rose 16 cents to $6.22 1/4. Prices closed near the session high and hit a two-year low early on. July HRW wheat gained 15 3/4 cents at $8.41 1/2 and near the session high. July spring wheat rose 11 1/4 cents to $8.20 3/4. The wheat futures markets rallied today on news reports that said the Ukrainian port of Pivdennyl has halted operations because Russia is not allowing ships to enter it.
Cotton: July cotton fell 97 points to 84.35 cents, nearer the session low. Cotton extended lower for the second straight session with U.S. dollar strength and West Texas rains largely trumping crude oil strength. Traders continue to wait for a resolution to the U.S. debt ceiling before the end of the week in order to avert a potentially chaotic federal default.
Cattle: June live cattle futures fell 77.5 cents before settling at $164.275. August feeder cattle lost $1.425 to $233.475 and closed near the session low. Live cattle futures faced continued corrective selling throughout today’s session.
Hogs: June hog futures led the deferred contracts lower Tuesday but rebounded late in the day and closed ‘just $1.15’ lower at $80.675. Tuesday’s futures drop exemplified the pessimism currently dominating the hog and pork complex.
