After the Bell | October 3, 2022
Corn: December corn rose 3 1/4 cents to $6.80 3/4, the contract’s highest close since Sept. 22. Corn climbed overnight on followthrough from Friday’s lower-than-expected USDA stocks data but trimmed gains as wheat markets faded from initial strength. USDA late today reported 20% of the U.S. corn crop was harvested as of Sunday, up from 12% a week earlier and slightly behind the 22% average for that date the past five years. Analysts expected to harvest to be about 22% finished.
Soybeans: November soybeans rose 9 1/4 cents to $13.74, after dropping earlier to an eight-week low of $13.61 1/4. December soymeal rose $2.30 to $405.30. December soyoil rose 178 points to 63.34 cents. Soybeans rose in a corrective rebound from sharp losses Friday, with support from crude oil. USDA said the U.S. soybean crop was 22% harvested as of Sunday, up from 8% a week earlier but behind the 25% five-year average. The pace topped analysts' expectations averaging 20%.
Wheat: December SRW wheat fell 9 1/2 cents to $9.12. December HRW wheat dipped 2 3/4 cents to $9.88 3/4. December spring wheat fell 2 cents to $9.80. Wheat futures fell under mild corrective selling and profit-taking after bullish USDA crop data sent prices near three-month highs Friday. Late today, USDA reported 40% of the winter wheat crop was planted as of Sunday, up from 31% the previous week and behind the 44% five-year average. Plantings also fell short of the 44% analysts expected.
Cotton: December cotton fell 114 points to 84.20 cents, the contract’s lowest close since July 14. Prices extended losses despite supportive outside markets, as the U.S. cotton harvest continued to accelerate.
Cattle: December live cattle rose 97.5 cents to $148.025, the contract’s highest close since Sept.23. November feeder cattle rose $1.425 to $176.05. Live cattle futures saw little follow-though selling from Friday’s declines and climbed on corrective buying and short covering as strength in outside markets like crude oil and U.S. equities supported ag commodities. Choice beef cutout values rose $2.19 to $245.94 on strong movement of 116 loads.
Hogs: December lean hogs rose $1.50 to $77.725. Hog futures were supported by corrective buying and short covering in the wake of steep losses late last month. But weakness in cash market fundamentals likely will limit upside in futures. The CME lean hog index fell 23 cents to $94.91, the lowest since mid-February. Tuesday’s projected index is down another 58 cents at $94.33. Pork cutout values rose $2.34 to $99.93.
