After the Bell | October 7, 2022
Corn: December corn futures rose 7 3/4 cents to $6.83 1/4, a gain of 5 3/4 cents for the week. Corn ended on a firm note behind strength in crude oil and a stronger-than-expected U.S. job report that may have eased recession concerns. USDA’s weekly crop progress report will be delayed until Tuesday due to Monday’s Columbus Day holiday. As of Oct. 2, the U.S. crop was 20% harvested, behind the 22% average for that date the past five years.
Soybeans: November soybeans rose 9 cents to $13.67, up 3 3/4 cents for the week. December soymeal rose $7.30 to $400.70 and December soyoil rose 58 points to 66.60 points. The soy complex ended the week firm behind bargain hunting and corrective buying following sharp losses earlier this week. USDA's monthly Crop Production update Oct. 12 will be one key to price direction next week. Based on a Reuters survey, USDA is expected to raise its U.S. soybean crop estimate about 3 million bu. to 4.381 billion bu.
Wheat: December SRW wheat rose 1 1/4 cents to $8.80 1/4, down 41 1/4 cents for the week. December HRW wheat gained 3 3/4 cents to $9.68 3/4, down 22 3/4 cents for the week. December spring wheat rose 5 1/2 cents to $9.68. Wheat futures still ended lower for the week, with the December SRW contract posting its largest weekly percentage decline since mid-July.
Cotton: December cotton rose 116 points to 84.06 cents, down 128 points for the week. Cotton traders will look for near-term direction from the U.S. dollar as well as production updates in USDA’s Oct. 12 Supply and Demand Report.
Cattle: December live cattle futures rose 17.5 cents to $148.05, up $1.00 for the week. November feeder cattle fell 80 cents to $175.625, up $1.00 for the week. Live cattle firmed behind a rebound in cash prices and a longer-term outlook for tight animals supplies. USDA-reported live steers averaged $145.97 through this morning, up from last week's average of $144.78.
Hogs: December lean hog futures fell 62.5 cents to $77.15, up 92.5 cents for the week. Hog futures appeared to establish a near-term bottom this week even as cash fundamentals remained soft. The CME lean hog index fell 16 cents to $92.77, the lowest since Feb. 14, and is expected to drop another 12 cents Monday. Wholesale pork continued to strengthen, with pork cutout values rising 13 cents to $101.54, up from $97.59 at the end of last week.
