After the Bell | May 3, 2022
Corn: July corn futures fell 10 1/2 cents to $7.93, the contract’s lowest settlement since April 22. December corn lost 7 cents to $7.35 1/4. Corn fell on profit-taking amid broader commodity market demand concerns reflecting in part Covid lockdowns in China. Prices climbed overnight after USDA reported the U.S. corn crop 14% planted as of Sunday, slower than expected.
Soybeans: July soybeans fell 14 3/4 cents to $16.30 1/2, the contract’s lowest closing price since April 7. July soymeal fell $7 to $423.90, the lowest close in over three months. July soyoil rose 19 points to 80.28 cents. Nearby soybeans sank to a four-week low as weak soymeal and crude oil prices spurred fund liquidation.
Wheat: July SRW wheat fell 10 cents to $10.45 1/2, the contract’s lowest closing price since April 7. July HRW wheat fell 5 1/4 cents to $10.92 3/4, also the lowest close since April 7. July spring wheat fell 12 1/4 cents to $11.55 1/2. Winter wheat futures tumbled to four-week lows on expectations rains in the key HRW growing region of the U.S. Plains will boost parched crops.
Cotton: July cotton fell 73 points to 150.08 cents per pound after earlier posting a contract high at 152.90 cents. Cotton futures fell as slumping prices for crude oil and grains overshadowed firm demand fundamentals.
Hogs: June lean hogs fell $2.775 at $102.20, the lowest closing price since $101.875 on Jan. 19. Hog futures took further pressure from fund liquidation driven by slumping technicals. Cash benchmarks continued to erode, with the CME lean hog index down 18 cents to $101.59, the fourth straight daily decline. The index is expected to drop another 44 cents tomorrow. Pork cutout values fell $1.02 to $105.56 on movement of 310 loads.
