After the Bell | July 12, 2023
Corn: December corn fell 17 3/4 cents to $4.83 3/4, ending near the session low. Corn futures succumbed to pressure amid an overall more bearish than expected tone in USDA’s supply and demand updates.
Soybeans: November soybeans fell 32 1/2 cents to $13.27 3/4 and near the session low. August soybean meal lost $5.30 to $410.90 and near the session low. August bean oil closed down 29 points at 64.34 cents, near mid-range and saw profit taking after hitting a seven-month high Monday. The soybean complex futures saw selling pressure today as weather in the Corn Belt has turned wetter.
Wheat: September SRW futures led the wheat complex lower, falling 27 3/4 cents to $6.32 3/4. September HRW futures fell 14 cents on the session before settling at $8.03. September spring wheat futures fell 8 1/2 cents to $8.59 1/2. Wheat bulls lost their footing as USDA came in with higher production estimates than the market anticipated.
Cotton: December cotton fell 47 points to 81.65 cents and near the session low. Prices hit a six-week high early on today. The cotton market fell victim to solid losses in the corn, soybean and wheat futures markets today.
Cattle: Broad ag market selling sank the livestock markets Wednesday. August live cattle futures fell $1.95 to $176.875, while August feeders dipped 57.5 cents to $246.575. Live and feeder cattle fundamentals remain supportive, which likely accounted for today’s early push to fresh short-term highs across the livestock complex.
Hogs: August lean hog futures led the complex lower, falling $2.225 to end the day at $95.35. Nearby July futures saw a mild loss of 10 cents before settling at $101.175. Lean hog futures gave up most of yesterday’s gains as prices were unable to take out last week’s high and selling spilled over from volatile grain markets following today’s USDA Supply and Demand report.
