After the Bell | May 30, 2023
Corn: July corn futures fell 10 cents to $5.94, nearer the session low. Profit taking from recent solid gains was featured in corn futures today.
Soybeans: July soybeans fell 40 3/4 cents to $12.96 1/2, the lowest close since Dec. 20, 2021. July meal fell $9.60 to $392.60, while July soyoil ended 262 points lower at $46.20 cents. Nearby soybeans made a downside breakout from the recent consolidated range as global supply fears ease amid a record Brazilian crop.
Wheat: July SRW wheat fell 25 cents to $5.91, nearer the session low and hit a more-than-two-year low. July HRW wheat dropped 35 1/2 cents at $7.83 3/4, near the session low and hit a three-week low. July spring wheat fell 25 cents to $7.93. The wheat futures market was hit today by bearish outside markets that included lower corn and soybean markets and a big drop in crude oil prices.
Cotton: July cotton rose 64 points to 83.99 cents, nearer the session low after trading as high as 86.54 cents. Cotton futures notched strong followthrough gains overnight to a one-week high, though significant weakness in crude oil futures ultimately pared the natural fiber’s upward momentum.
Cattle: June live cattle futures rose $1.525 to a contract high close at $168.875. August feeder futures rallied $3.85 before closing at $237.775, a record high close for the contract. Live cattle futures continue to breakout to the upside as the fundamental situation is largely unchanged and remains bullish.
Hogs: Hogs futures rocketed higher Tuesday as traders seemingly adjusted their views of the summer outlook over the weekend. June futures soared the daily limit of $4.75 to $80.825. One has to suspect pork moved well over Memorial Day weekend, causing market observers to become more optimistic about the late spring and summer outlook for hogs and pork.
