After the Bell | May 9, 2022

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Corn: July corn futures fell 12 3/4 cents to $7.72, the contract’s lowest closing price since April 11. December corn fell 10 cents to $7.10 3/4, a four-week low. Corn futures fell as heavy liquidation hit the commodity sector and warmer, drier conditions in the Midwest boosted expectations for improved planting progress.

USDA late today reported 22% of the U.S. corn crop planted as of Sunday, up from 14% the previous week but under the 50% average for that date the previous five years. Progress fell short of analysts’ expectations for plantings at about 25%.

Soybeans: July soybeans fell 36 3/4 cents to $15.85 1/4, the lowest closing price since on April 1. November soybeans fell 24 cents to $14.46 3/4, near a five-week low. Soybeans fell sharply amid active fund liquidation driven by slumping technicals and expectations for improving planting activity across the Midwest. USDA reported 12% of the U.S. crop was planted as of Sunday, up from 8% the previous week but under the five-year average of 24%. Progress fell short of expectations for about 16%.

Wheat: July SRW wheat fell 15 3/4 cents to $10.92 3/4 after earlier reaching a three-week high at $11.35. July HRW wheat fell 6 1/4 cents at $11.64 1/4. July spring wheat futures fell 2 cents to $12.06 3/4 after earlier posting a contract high at $12.34 3/4. Winter wheat ended lower on expectations that recent rains will improve crop conditions in the parched U.S. Plains. USDA reported modest improvement in winter wheat crop conditions, with the good-to-excellent rating rising to 29% from 27% as of Sunday and poor-to-very poor falling to 39% from 43%.

Cotton: July cotton futures fell 68 points to 142.93 cents per pound, the contract’s lowest closing price since April 27. Cotton futures fell on spillover pressure from weakness in U.S. stocks and selloffs in grain and oil markets. Declines may be limited by continuing worries over dryness in key U.S. crop areas.

Cattle: June live cattle gained 80 cents to $133.55 after dropping to a three-month low earlier. August feeders fell 47.5 cents to $174.225. Cattle futures faced heavy pressure from concern high beef prices are crimping demand and spillover from sharp losses across the commodity sector. Choice cutout values rose $3.85 to $258.29, up from an eight-week low, on stronger movement at 131 loads.

Hogs: June lean hogs fell $2.80 to $101.30, near a four-month closing low. Hog futures extended the selloff of the previous two weeks on bearish technicals and ongoing weak cash market fundamentals. Today’s CME lean hog index fell 5 cents to $100.91, the eighth consecutive decline and a three-week low. Tomorrow's index (as of May 6) is expected up 18 cents. Pork cutout values fell 31 cents to $104.39 on movement of 294 loads.

 

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