Pro Farmer's After the Bell

Corn: The corn market recouped about half of Tuesday’s price declines. May corn futures firmed 11 3/4 cents to $7.38, while December corn gains 3 1/4 cents to $6.56. Outside markets, which pressured corn on Tuesday, were price-supportive today as hopes for a ceasefire between Russia and Ukraine were dashed. Crude oil futures firmed more than $3 in a solid price recovery, while the U.S. dollar index traded near the low end of its nearly four-week choppy trading range.

Soybeans: May soybean futures rebounded 21 cents to $16.64, while May soyoil climbed 56 points to 72.22 cents and May soymeal gained $7.10 to $473.10. Diminished hopes for a quick cease-fire to the Russia/Ukraine war caused many commodity markets to at least partially reverse Tuesday’s big losses. The bounce was led by crude oil, with the soy complex also posting an across-the-board rebound.

Wheat: May SRW wheat closed up 13 cents at $10.27 1/4. May HRW wheat closed up 20 cents at $10.44 1/2. Prices closed nearer the session highs today. Spring wheat futures advanced 15 cents to close at $10.58. Wheat futures prices saw short-covering and perceived bargain-hunting bounces today, following Tuesday’s strong selling pressure. The bulls today focused on the big rebound in crude oil prices from Tuesday’s intra-day spike low and on the weakening U.S. dollar index this week.

Cotton: May cotton closed up 303 points at 139.84 cents and December gained 140 points at 112.44 cents – both nearer their session highs. A big rebound in Nymex crude oil futures prices from Tuesday’s intra-day low of $98.44 a barrel helped to propel the cotton futures market sharply up today. A weaker U.S. dollar contributed to the bullish tone.

Cattle: April live cattle dropped 72 1/2 cents to $140.175, while June cattle fell 47 1/2 cents to $138.00. April feeder cattle declined 67 1/2 cents to $163.675 and May feeders dropped 50 cents to $168.90. Feeder cattle were pressured by strength in the corn market, which spilled over to selling in live cattle. A lack of cash cattle activity also allowed live cattle futures to drift lower as there’s still uncertainty toward this week’s cash trade.

Hogs: Hog futures turned lower Wednesday, with the expiring April contract falling $1.525 to $104.525. Most-active June futures dropped 40 cents to $124.225. USDA’s Hogs & Pigs Report estimated the March 1 U.S. hog population at 72.209 million head, down 2.3% from the year-ago level. Traders expected a 1.2% decline in herd size.