After the Bell | May 9, 2023
Corn: July corn futures fell 11 3/4 cents to $5.84 3/4 and nearer the session low. The corn market bulls faded badly today following the recent recovery from the May low.
Soybeans: July soybeans fell 19 1/2 cents to $14.14 1/4, ending the session below the 10-day moving average, while July meal closed $7.90 lower to $419.00. July soyoil fell 61 points to 53.04 cents. A record U.S. soybean-planting pace pressured the soy complex, along with rising Brazilian crop prospects amid larger-than-expected yields through much of the country.
Wheat: July SRW wheat fell 10 1/2 cents to $6.43 1/2 and near mid-range. July HRW wheat rose 12 cents to $8.56 1/4. Prices closed near the session high and closed at a three-week high close. July spring wheat rose 4 cents to $8.47 3/4. The tale of two different winter wheat futures markets continues.
Cotton: July cotton fell 231 points to 80.99 cents, closing below the 20- and 40-day moving averages. July cotton extended losses for a second straight session amid weaker crude oil futures through much of the session and strength in the U.S. dollar in addition to continue forecasts for rain in West Texas.
Cattle: June live cattle rose $1.50 and closed on the session highs at $163.925. May feeders gained $2.50 amidst corrective buying, closing at $205.925. Live cattle futures showed strength today as outside markets were mixed, relieving bulls as concerns of a breakdown are put off for the time being.
Hogs: Hog futures seemed to follow the cattle market higher Tuesday, with most-active June hogs climbing $1.10 to $84.40. The cash hog market stalled late last week, as indicated by last Friday’s official quote for the CME hog index falling 11 cents to $74.42 this morning.
