After the Bell | September 15, 2022
Corn: December corn futures fell 4 3/4 cents to $6.77 1/2. Corn fell a third straight day after U.S. railroads and unions representing workers reached tentative agreement, avoiding a strike that would have disrupted agricultural shipments. USDA resumed weekly export sales reports today after technical problems forced a halt Aug. 25. For the week ended Sept. 8, net U.S. corn sales totaled 583,100 MT for 2022-23, within analyst expectations ranging from 300,000 to 900,000 MT.
Soybeans: November soybeans fell 3 1/2 cents to $14.51 1/2, still up over 39 cents for the week. December soymeal rose $4.90 to $428.00, while December soyoil fell 57 points to 64.30 cents. Soybean futures fell a third straight day as the market extended a corrective pullback from 2 1/2-month highs posted earlier this week, with sharp declines in crude oil adding pressure.
Wheat: December SRW wheat fell 27 1/4 cents to $8.45, after climbing overnight to a two-month intraday high at $8.84 3/4. December HRW wheat dropped 20 3/4 cents to $9.26 1/4. December spring wheat fell 9 1/4 cents to $9.28 3/4. Winter wheat futures faded from overnight gains as a tentative agreement to avert a U.S. rail shutdown fueled corrective selling.
Cotton: December cotton rose 58 points at 103.29 cents, nearer the session high. Cotton futures rose slightly after USDA export indicated firm overseas demand, though gains were limited by strength in the U.S. dollar.
Cattle: October live cattle surged $1.275 to $145.625. October feeders fell 50 cents to $180.925. Cash cattle prices appear to be firming. USDA-reported live steers this week averaged $142.73 through this morning, up from last week’s $142.48 average. Wholesale beef remained under pressure, as Choice cutout values fell $1.13 to $252.34, the lowest since April 2021. Movement was again strong at 145 loads.
Hogs: October lean hogs rose $1.35 to $96.05, the contract’s highest close since Aug. 17. A recent cash market slump appears to be abating. The CME lean hog index fell 9 cents to $97.58 (as of Sept. 13), a seven-month low, but Friday’s quote is expected to rise 19 cents, the first daily gain since Aug. 17. Pork cutout values fell $1.03 to $105.85 on movement of 274 loads, slower than average for a second straight day.
