After the Bell | October 6, 2022
Corn: December corn fell 8 1/2 cents to $6.75 1/2, the contract’s lowest close since Sept. 29. Corn closed at a low for the week as generally favorable Midwest weather fuels harvest pressure and a dollar near 20-year highs raised concern demand for commodities may be pinched.
Soybeans: November soybeans fell 11 3/4 cents to $13.58, the contract’s lowest close since July 25. December soymeal fell $5.10 to $393.40, the lowest close since July 22. December soyoil rose 48 points to 66.02 cents. Soybean futures sank to a 2 1/2-month low on increasing U.S. harvest pressure, uninspiring export demand and slumping soymeal.
Wheat: December SRW wheat fell 23 cents to $8.79, the contract’s lowest closing price since Sept. 27. December HRW wheat dropped 25 1/4 cents to $9.65. December spring wheat fell 19 cents to $9.62 1/2. Winter wheat futures fell a fourth straight session on pressure from a strong dollar and soft export numbers, as well as general risk aversion in global markets.
Cotton: December cotton fell 33 points to 82.90 cents, the contract’s lowest close since September 2021. Cotton fell on strength in the U.S. dollar and ongoing economic concerns. Early today, USDA reported net U.S. cotton sales of 121,200 running bales (RB) for 2022-23, quadrupling the previous week’s sales of 30,200 RB.
Cattle: December live cattle fell 5 cents to $147.875. November feeders fell 90 cents to $176.425. October live cattle firmed amid reports of firmer cash prices. Late today, USDA reported live steers averaged $145.93 through this morning, up from last week's $144.78 average. Choice beef cutout values rose 30 cents to $247.36 on strong movement of 208 loads.
Hogs: December lean hogs rose $1.275 to $77.775, the highest close since Sept. 26. Hog futures extended a sharp rebound from the recent slump to 10-month lows, with weakness in grain prices encouraging buyers. Cash fundamentals remained soft, as the CME lean hog index fell 51 cents to $92.93, near an eight-month low. Tomorrow's index is expected to drop another 16 cents.
