After the Bell | May 6, 2022
Corn: July corn futures fell 12 3/4 cents to $7.84 3/4, a weekly drop of 28 3/4 cents to halt four straight weeks of gains. December corn fell 17 3/4 cents to $7.20 3/4, near a four-week closing low. Fund liquidation weighed on corn futures, with new-crop futures under pressure from an outlook for improved U.S. planting progress next week.
Soybeans: July soybeans fell 25 cents to $16.22, down 62 3/4 cents for the week. November soybeans fell 21 cents to $14.70 3/4, a four-week closing low. July soymeal fell $6.30 to $413.60. July soyoil fell 95 points to 80.90 cents. Soybeans posted sharp weekly declines on fund liquidation and a drop in Malaysian palm oil. An improved planting outlook pressured new-crop contracts.
Wheat: July SRW wheat rose 2 cents to $11.08 1/2, up 52 3/4 cents on the week. July HRW wheat futures fell 6 1/2 cents to $11.70 1/2, up 64 3/4 cents for the week. July spring wheat fell 1 cent to $12.08 3/4. Winter wheat posted weekly gains behind ongoing concern over tightening global supplies, fueled further by sharply lower grain stocks Canada reported today for the of March.
Cotton: July cotton futures tumbled 515 points to 143.61 cents per pound, down 202 points for the week. Stock market weakness suggesting growing investor concern over recession undermined cotton futures, overshadowing strong weekly export sales earlier this week.
Cattle: June live cattle fell $1.025 to $132.75, up 10 cents for the week. August feeder cattle rose 32.5 cents to $174.70. Live cattle were pressured by ongoing concern that high beef prices are crimping consumer demand. Choice cutout values fell 74 cents today to $254.44, an eight-week low, on light movement of 80 loads. USDA-reported live steers averaged $143.43 for the week through this morning, up 9 cents from last week's average.
Hogs: June lean hog futures fell $2.975 to $104.10, down $2.275 for the week. Hog futures remain under pressure from slumping technicals, eroding cash fundamentals and concern over pork demand. Pork cutout values fell $1.57 today to $104.70 as bellies dropped over $15. Movement totaled 299 loads. Today's cutout average was up 12 cents from the end of last week.