After the Bell | September 16, 2022
Corn: December corn futures fell 1/4 cent to $6.77 1/4, down 7 3/4 cents for the week. December corn fell a fourth straight day as concerns over the global economy and a resurgence in the U.S. dollar weighed on grain markets. Pressure from the accelerating U.S. harvest also weighed on the market.
Soybeans: November soybeans fell 3 cents to $14.48 1/2, still up 36 1/4 cents for the week. December soymeal fell $4.90 to $429.60, while December soyoil rose 166 points to 65.96 cents. Soybean futures fell a fourth consecutive day but still posted solid gains this week following USDA’s lower than expected crop estimates Sept 12.
Wheat: December SRW wheat rose 14 3/4 cents to $8.59 3/4, down 9 3/4 cents for the week. December HRW wheat gained 9 cents to $9.35 1/4, up 6 cents for the week. December spring wheat rose 10 cents to $9.38 3/4. Wheat futures ended the week on a firm note amid concern over dry conditions in the U.S. Plains with peak seeding season ahead.
Cotton: December cotton fell 400 points to 99.29 cents, the lowest close since Aug. 9 and 555 points lower on the week. Cotton futures fell to a five-week on spillover pressure from slumping U.S. equities and escalating recession concern.
Cattle: October live cattle futures fell 12.5 cents to $145.50, down 17.5 cents for the week. October feeder cattle rose 32.5 cents to $181.25, down $4.325 for the week. Live cattle posted a modest weekly gain on indications the cash market ended a brief slide. USDA-reported live steers averaged $142.79 through this morning, up from last week's average of $142.48. Choice beef cutout values ended the week at $252.40, down $4.86 from last Friday and near a 17-month low posted Thursday.
Hogs: October lean hogs rose 85 cents to $96.90, up $3.725 for the week and a four-week closing high. Futures rose on signs the cash market has bottomed. The CME lean hog index rose 19 cents to $97.77, up from a seven-month low earlier this week, and Monday’s index is expected to gain another 20 cents. Pork cutouts rose 54 cents to $106.39, up $3.52 for the week and the highest in over three weeks.
