After the Bell | September 29, 2022
Corn: December corn futures fell 1 cent to $6.69 1/2. Corn extended a narrow-range trade ahead of Friday’s USDA quarterly Grain Stocks report as traders monitored tensions between Russia and Ukraine. Accelerating U.S. harvest limited buying interest.
Soybeans: November soybeans rose 2 cents to 14.10 3/4. December soymeal fell $5.50 to $407.20, a three-week low. December soyoil rose 171 points to 63.86 cents. Soybeans were supported by a jump in weekly export sales, offset somewhat by continuing harvest progress.
Wheat: December SRW wheat fell 7 cents to $8.96 1/4. December HRW wheat lost 9 1/4 cents to $9.66 3/4. December spring wheat fell 6 1/2 cents to $9.66. Wheat futures eased from Wednesday’s sharp gains as traders awaited Friday’s USDA quarterly U.S. Grain Stocks and annual Small Grains reports.
Cotton: December cotton dropped 344 points at 85.05 cents, the contract’s lowest closing price since July 14. Cotton remained under pressure amid high risk aversion in the global marketplace, with U.S. equities under further pressure and near two-year lows. Hurricane Ian appeared to cause limited damage to the Southeast U.S. cotton crop.
Cattle: December cattle surged $1.50 to $147.775. October feeders jumped $2.325 to $177.325. Live cattle rebounded after dropping earlier to the lowest levels in over two months. Cash cattle are trending lower, with USDA-reported live steers averaging $144.51 through this morning, down from last week's $144.94 average. Choice beef cutout values fell $1.47 to $246.08, an 18-month low.
Hogs: December lean hogs fell 10 cents to $75.725. Hogs gained on corrective buying in the wake of steep losses. Late today, USDA, in its quarterly Hogs and Pigs Report, estimated the total U.S. inventory as of Sept. 1 at 73.8 million head, down 1.4% from the same date in 2021 and larger than expectations for a 0.8% drop. Hogs kept for breeding as of Sept. 1 totaled 6.152 million head, down 0.6% from 6.19 million head a year earlier and also a larger drop than trade expected.
