After the Bell | May 24, 2023
Corn: July corn rose 9 3/4 cents to $5.87 1/4, closing near the session high and above the 20-day moving average. Corn futures were able to extend higher for the third straight session, with nearby futures encountering the strongest gains.
Soybeans: July soybeans rose 2 cents to $13.24 1/2 and nearer the session low. July soybean meal lost $4.20 at $402.20 and closed nearer the session low. July bean oil gained 24 points to 48.00 cents and settled near mid-range. It appears the soybean market today was caught in the middle of solid gains in corn and solid losses in wheat.
Wheat: July SRW futures fell 16 cents before settling at $6.06 1/4. July HRW futures settled 29 1/4 cents lower at $8.12 1/4, near the session low. Spring wheat futures fell 21 3/4 cents to $7.99 and settled near the session low. Wheat futures continue to fall under pressure despite strength in corn and soy markets.
Cotton: July cotton fell 263 points to 81.72 cents and nearer the session low. The cotton market was hit hard by strong follow-through technical selling at mid-week.
Cattle: June live cattle futures surged to fresh highs before setting back, ending the day at $166.10, up $1.825. August feeder advanced $1.05 to $234.525. Anticipation of fresh cash strength seemed to power today’s rally in live cattle futures.
Hogs: June lean hog futures fell 87.5 cents before settling at $79.8, marking a new contract low. Lean hog futures continue to fall under pressure as summer futures move to discounts below cash prices.
