After the Bell | September 22, 2022
Corn: December corn rose 2 3/4 cents to $6.88 1/4. Corn posted modest gains with support from continued strength in wheat markets and ongoing concern over supply disruptions in the Black Sea region. A reduced outlook for Argentina’s corn crop also supported prices.
Soybeans: November soybeans fell 4 1/4 cents to $14.57. December soymeal fell $9.90 to $428.90 after earlier hitting a contract high at $443.80. December soyoil rose 146 points to 66.46 cents. Soybean futures fell a second day on a combination of disappointing export numbers, a stronger South American crop outlook and a sharp downturn in soymeal.
Wheat: December SRW wheat rose 7 cents to $9.10 3/4, the contract’s highest close since June 29. December HRW wheat gained 12 1/2 cents to $9.79 1/2. December spring wheat rose 13 1/2 cents to $9.77 3/4. Winter wheat climbed to the highest levels in nearly three months as concerns over Ukraine disruptions offset disappointing export sales and a jump in the U.S. dollar index to a 20-year high.
Cotton: December cotton fell 38 points to 96.54 cents. Cotton futures were pressured by a surging dollar and weakness in U.S. equities. USDA reported net weekly U.S. export sales totaling 32,400 running bales (RB) down sharply from 100,300 RB the previous week.
Cattle: October live cattle fell $1.025 to $144.85, the contract’s lowest closing price since Sept. 14, while October feeder cattle tumbled $1.25 to $177.975. Recent weakness in wholesale beef prices and concerns over a potential global recession weighed on cattle futures. Choice beef cutout values fell 73 cents to $248.40, near an 18-month low. USDA-reported live steers averaged $144.90 through this morning, up from last week's $143.19 average.
Hogs: October lean hogs fell 30 cents to $94.125, the contract’s lowest close since Sept. 12. Hogs fell on followthrough pressure from Wednesday’s soft close and eroding wholesale pork prices. The CME lean hog index fell 40 cents to 97.96 but Friday’s quote is expected to gain 5 cents to $98.01. Pork cutout values rose $3.53 to $103.88, up from a four-month low Wednesday.
