After the Bell | May 26, 2022
Corn: July corn futures fell 7 1/4 cents to $7.65, the contract’s lowest closing price since $7.58 3/4 on April 11. December corn fell 4 1/2 cents to $7.18 3/4, the lowest close in over two weeks. Nearby corn futures were pressured by lackluster export sales and an outlook for favorable crop weather in the Midwest.
Soybeans: July soybeans surged 45 1/2 cents to $17.26 1/2, a lifetime-high close for the contract. November soybeans rose 32 cents to $15.44 3/4. July soymeal gained $4.00 to $428.20 and July soyoil rose 160 points to 80.52 cents. Soybean futures erased overnight declines and rallied behind expectations that wet conditions for the northern Midwest will further delay spring planting.
Wheat: July SRW wheat fell 5 cents to $11.43 1/4. July HRW wheat fell 4 3/4 cents to $12.28 1/2. July spring wheat futures jumped 11 3/4 cents to $12.92 1/4. Winter wheat fell for the fifth day in six amid pressure from weak technicals and expectations crops in the U.S. Plains will benefit from recent rains.
Cotton: July cotton fell 455 points to 140.61 cents per pound, while December fell 28 points to 124.33. Cotton futures fell on apparently disappointing weekly USDA export sales. Old-crop cotton sales totaled 37,000 running bales, down 70% from the four-week average.
Hogs: July lean hogs rose $3.875 to $111.825, the contract’s highest closing price since $114.60 on April 28. Hog futures closed at four-week highs on strengthening cash and bullish chart signals. The CME lean hog index rose 84 cents to $103.87 (as of May 24), the sixth straight daily gain and the highest since late August. The index is expected to gain 53 cents tomorrow. Pork cutout values gained $1.06 to $108.13, near a four-week high posted earlier this week. Movement remained relatively light at 233.5 loads.
