After the Bell | May 3, 2023
Corn: July corn rose 8 1/2 cents to $5.88 1/2, marking the highest close since April 26. December futures rose 10 3/4 to $5.30 1/2. Corn keenly took spillover gains from the wheat complex amid mounting tensions following a series of attacks on Russian assets, including a drone attack on the Kremlin.
Soybeans: July soybeans rose 6 3/4 cents to $14.17 1/2, near the session high and hit a five-week low early on. July soybean meal dropped $3.00 at $424.90, nearer the session low and hit a five-month low. July bean oil closed up 85 points at 52.64 cents and nearer the session high. Early on today soybean futures felt the pressure of a slumping crude oil market that hit a five-week low and has dropped around $15 a barrel in just three weeks.
Wheat: July SRW futures rose 30 1/2 cents before settling at $6.39 3/4, near the session high. July HRW futures rose 44 3/4 cents to $7.85, retracing all of this week’s losses. Spring wheat futures rose 30 cents and settled at $8.03 1/2.Wheat futures rose explosively on news of a drone striking the Russian Kremlin.
Cotton: July cotton futures fell 161 points to 78.76 cents and nearer the session low. Cotton market traders this week have been spooked by the risk-off trader and investor mentality that has resurfaced this week amid renewed U.S. banking sector worries.
Cattle: June live cattle futures fell $1.25 before settling at $161.65, the lowest level in a month. May feeder futures fell $2.525 to $203.425, closing near the session low. Live cattle futures continue to pull back after putting in potential seasonal tops.
Hogs: Livestock futures joined the softs and energies in moving lower Wednesday. June hogs fell $1.95 to settle at $88.00. Seasonal strength continued growing in the hog and pork complex Wednesday, with the official CME lean hog index quote for Monday surging 92 cents to $73.02, matching the preliminary figure.
