After the Bell | November 10, 2022
Corn: December corn fell 11 1/4 cents to $6.53 1/4, the lowest close since Aug. 25. Corn fell a fourth consecutive session as eroding technicals and poor export demand outweighed a sharp drop in the U.S. dollar and strength in crude oil.
Soybeans: January soybeans plunged 29 cents to $14.23, the contract’s lowest close since Oct. 31. December soymeal tumbled $13.50 to $404.10, a three-week closing low. December soyoil rose 55 points to 76.09 cents. Soybeans fell sharply as chart breakdowns sparked technical selling and long liquidation across the grain markets. Signs of slipping export demand also encouraged sellers.
Wheat: December SRW wheat fell 3 cents to $8.03 1/2, the contract’s lowest close since Sept. 1. December HRW wheat dropped 4 3/4 cents to $9.25 1/4. December spring wheat fell 6 3/4 cents to $9.31 1/2, the lowest close since Sept. 26. Sluggish export demand and slumping technicals weighed on prices.
Cotton: December cotton fell 12 points to 86.38 cents. Cotton futures took further pressure from USDA’s bearish Crop Production numbers Wednesday, while weekly export sales provided little support. USDA said net weekly U.S. cotton net sales totaled 145,800 running bales (RB), down from 191,800 RB the previous week.
Cattle: December live cattle rose $1.50 to $153.075, after reaching a two-week high at $153.55. January feeder cattle rose $2.05 to $181.70. Live cattle ended firmer as cash trading turned active Wednesday afternoon and earlier today. Live steers averaged $151.86 this week through this morning, down 12 cents from last week's average. Choice beef cutouts fell $1.40 to $263.27.
Hogs: December lean hogs fell 40 cents to $84.875. Lean hogs fell a third straight session amid ongoing headwinds from weakness in cash fundamentals and seasonally increasing supplies. The CME lean hog index fell 82 cents to $89.48 (as of Nov. 8), the lowest since Feb. 10, and Friday’s quote is expected to fall 52 cents. Pork cutout values rebounded from a nine-month low, rising $2.42 to $96.54 behind a gain of over $8 in hams. Movement was slower at 298 loads.
