After the Bell | October 13, 2022
Corn: December corn rose 7 cents to $6.97 3/4, 1/2 cent below the 3 1/2-month closing high posted Monday. Corn climbed with support from a rally in wheat, which climbed following reports Vladimir Putin may not agree to renew a deal that’s allowed grain shipments from Ukraine’s Black Sea ports since August. USDA reports weekly export sales Friday, a day late due to the Monday holiday. Net weekly corn sales are expected to range from 300,000 to 900,000 MT for the week ended Oct. 6. Last week’s sales totaled 227,045 MT.
Soybeans: November soybeans fell 1/4 cent to $13.95 3/4, after dropping as low as $13.78 3/4 earlier. December soymeal fell $3.30 to $411.00. December soyoil rose 84 points to 66.43 cents. Soy complex futures ended mixed as bullish factors, such as crude oil strength and a sharp drop in the U.S. dollar, were offset by pressure from the accelerating U.S. harvest.
Wheat: December SRW wheat rose 10 cents to $8.92 1/4. December HRW wheat gained 12 1/4 cents to $9.82 1/4. December spring wheat rose 12 1/4 cents to $9.79. Wheat futures rebounded from overnight declines following reports Russia may not agree to renew a deal allowing Ukrainian grain exports from Black Sea ports.
Cotton: December cotton fell 13 points to 84.79 cents. Cotton futures fell sharply early but bounced back as U.S. equities recovered from a steep drop in the wake of a stronger than expected consumer inflation report. A sharp drop in the U.S. dollar index also helped lift cotton futures.
Cattle: December live cattle fell 52.5 cents to $147.925. November feeder futures slid 57.5 cents to $176.10. Cattle futures extended sideways trade as the market waited for direction from the cash markets, which appeared to be slipping slightly from last week’s levels. USDA-reported live steers averaged $145.81 through this morning, down from last week's $146.23 average.
Hogs: December lean hogs fell 10 cents to $80.60. Hog futures rose near a three-week high early before turning lower on profit-taking and corrective selling. Futures remained underpinned by stronger technicals and signs the cash market is bottoming. The CME lean hog index fell to an eight-month low today at $92.49 but is expected to rise 18 cents Friday to $92.67. Pork cutout values fell 87 cents to $103.07 on lighter movement at 255 loads.
