After the Bell | May 5, 2023
Corn: July corn futures rose 7 1/2 cents today to $5.96 1/2, marking a rise of 11 1/2 cents on the week. December corn finished the day 6 1/4 higher at $5.34 3/4, rising 7 cents on the week. Corn futures continued this week’s corrective buying amidst a more favorable risk-on environment, led by crude oil climbing $8 off yesterday’s low.
Soybeans: July soybeans rose 18 3/4 cents to $14.36 1/2, the highest close since April 21 and gained 17 1/4 cents on the week. July meal rose $1.50 to $426.10 but fell $6.30 week-over-week. July soyoil rose 185 points to 54.33 cents, gaining 266-points from a week ago. Soybean futures rose for the third straight session, ending the week on a high note after experiencing notable selling efforts since around mid-April.
Wheat: July SRW wheat futures rose 15 1/4 cents to $6.60 1/4, nearer the session high and for the week gaining 26 1/2 cents. July HRW wheat jumped 34 3/4 cents to $8.33, nearer the daily high and on the week gaining 75 3/4 cents. Spring wheat futures rose 24 cents, closing near session highs at $8.36 and gaining 32 1/4 cents on the week. The wheat market bulls caught fire at mid-week and surged to close out the week, including technically bullish weekly high closes today.
Cotton: July cotton rose 214 points to 83.90 cents, marking the highest close since April 18. The contract gained 310 points on the week. Cotton futures gapped higher overnight in an extension of the previous session’s strong gains.
Cattle: After surging in early trading, June live cattle futures ended Friday at $161.975, up just 35 cents on the day and down $3.50 on the week. May feeder futures fell $1.125 to end Friday at $202.525; that marked a weekly plunge of $8.45. As expected, cash cattle prices have continued sliding after producers took low-ball packer bids early in the week.
Hogs: June lean hog futures fell $3.375 to $83.775 and hit a contract low. For the week, June hogs lost $7.925. The late-week downdraft in lean hog futures prices sets the tone for more technically related selling pressure early next week.
