After the Bell | May 8, 2023
Corn: July corn was unchanged at $5.96 1/2, after trading $6.00 for the first time since April 27. Corn failed to extend last week’s gains despite continued strength in crude oil futures.
Soybeans: July soybeans fell 2 3/4 cents to $14.33 3/4 after rising early in the session. July soymeal rose 80 cents to settle at $426.90. July soyoil fell 68 points, settling at 53.65 cents. Soybean futures continue to face pressure despite Friday’s bullish close, with new crop futures leading the downside.
Wheat: July SRW wheat fell 6 1/4 cents at $6.54. Prices closed nearer the session low and hit a two-week high early on. July HRW wheat rose 11 1/4 cents at $8.44 1/4. Prices closed nearer the session high and hit a three-week high. Spring wheat futures rose 7 3/4 cents to settle at $8.43 3/4. It’s a tale of two winter wheat futures markets recently, as HRW market surges and the SRW market flounders.
Cotton: July cotton fell 60 points to 83.30 cents after trading below the 100-day moving average of 83.23 cents.July cotton held an inside day despite supportive outside markets as crude oil futures extended higher and the U.S. dollar notched limited gains.
Cattle: June live cattle rose 50 cents to $162.425 and near mid-range. May feeder cattle gained 90 cents at $203.425. Prices closed near mid-range and hit a four-week low early on. The cattle futures markets saw corrective price recoveries today, following last week’s selling pressure.
Hogs: Expiring May lean hog futures rose 10 cents to $75.625 while most-active June futures fell 47.5 cents to $83.3. Lean hogs saw the downside continued today despite recent strength in the cash market.
