After the Bell | March 17, 2022

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Corn: May corn futures surged 24 1/2 cents to $7.54 1/2, while December futures gained 15 1/4 cents to $6.45. Corn prices rose behind signs the Russia/Ukraine war has fueled increased export business for the U.S. USDA reported a daily sale of 136,000 MT of corn to “unknown destinations” for 2021-22 delivery. Also today, USDA reported net weekly U.S. corn sales of 1.836 MMT for 2021-22, down 14% from the previous week but up 64% from the average for the previous four weeks. Traders expected net U.S. corn sales of 700,000 to 1.4 million MT for 2021-22 and zero to 200,000 MT for 2022-23.

Soybeans: May soybeans rose 19 1/4 cents to $16.68 1/2. May soymeal fell $3.90 to $474.10 per ton. May soyoil rose 108 points to 74.63 cents per pound. Nearby soybeans gained for the first time in five days as an $8-plus rally in crude oil futures and Argentina’s expected plan to raise taxes on soybean oil and soymeal exports overshadowed uninspiring U.S. export numbers. USDA reported net weekly U.S. soybean sales totaling 1.253 MMT for 2021-22, down 43% from the previous week and down 11% from the prior four-week average.

Wheat: May SRW wheat rose 28 3/4 cents to $10.98, after falling earlier to a two-week low at $10.31 3/4. May HRW wheat rose 19 3/4 cents to $10.92 3/4. May spring wheat rose 28 3/4 cents to $10.79. Wheat futures posted a short-covering rebound following yesterday’s limit-down losses. Optimism for a potential ceasefire between Russia and Ukraine pressured prices overnight, but the war continues to limit selling interest. The war could remove from the world market about 11 MMT of Black Sea wheat exports and some 12 MMT of corn exports in 2021-22, according to France's Strategie Grains.

Cotton: May cotton rose 206 points to 121.86 cents per pound, the highest closing price since March 1. Cotton futures gained behind strength in crude oil and U.S. stocks and weakness in the U.S. dollar. USDA reported net weekly U.S. cotton export sales of 371,400 running bales (RB) for 2021-22, up 5% from the previous week and up 34% from the prior four-week average.

Cattle: June live cattle rose 40 cents to $135.925. May feeder cattle fell $1.40 to $165.875. Live cattle futures rose on expectations for firmer cash prices following two weeks of declines, while feeder futures took pressure from rallying corn futures. USDA-reported live steers averaged $139.96 through this morning, up $1.66 from last week's average. Choice beef cutout values fell $1.03 to $257.05 but movement was strong at 148 loads. Early today, USDA reported net weekly U.S. beef sales of 19,700 MT for 2022, down 28% from the previous week and down 11% from the prior four-week average.

Hogs: April lean hogs fell $2.025 to $100.35, the lowest close since March 10. Futures faded from initial gains but found support from firm cash fundamentals and expectations for improved retail demand ahead of Easter and the spring grilling season. Pork cutout values rose 18 cents today to $105.20, the highest since March 9. Movement totaled 293 loads. The next CME lean hog index is expected to rise 36 cents to $100.77, near a six-month high reached at the end of last week. USDA reported net weekly U.S. pork sales at 38,300 MT for 2022, up 51% from the previous week and up 36% from the four-week average.  

 

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