After the Bell | March 28, 2022

Corn: May corn futures closed down 5 1/2 cents at $7.48 1/2 and nearer the session high. December corn lost 4 1/2 cents at $6.64 1/2. A risk-off day in the overall marketplace hit many commodity markets today, including the grains. Covid is again surging in parts of China, with its major city of Shanghai being forced into partial shutdown. Nymex crude oil fell by over $7.00 a barrel today, to set the negative price tone for much of the raw commodity sector.

Soybeans: Soybean futures finished sharply lower and low-range for the day. May soybeans fell 46 cents to $16.64 1/4 and November beans dropped 28 cents to $14.68 3/4. May meal futures ended $9.00 lower at $478.90. May soyoil plunged 230 points to 72.45 cents. Soy complex futures got caught up in the broad-based selloff in asset-based markets today amid increased Covid concerns in China.

Wheat: Wheat futures posted sharp losses and finished near session lows. May SRW wheat plunged 45 1/4 cents to $10.57. May HRW wheat fell 40 1/4 cents to $10.70 1/2. May HRS wheat dropped 24 3/4 cents to $10.79 1/2. Wheat futures faced strong pressure from outside markets tied to renewed Covid concerns in China and impacts that could have on global economies.

Cotton: May cotton futures closed up 317 points at 139.07 cents and nearer the session high. May futures hit at another contract and an 11-year high. December cotton futures closed down 44 points at 111.30 cents. Bull spreaders were active in cotton futures today. The gains in nearby May futures were especially impressive given the risk aversion in the general marketplace and the big losses in crude oil futures.

Cattle: June live cattle closed down 60 cents at $136.775 and nearer the session high. April cattle closed down 17 1/2 cents at $140.30. May feeder cattle closed down 25 cents at $165.075 and nearer the session low. Keener risk aversion in the marketplace today pressured cattle futures, as did last Friday’s USDA Cattle on Feed Report that showed a record number of cattle in feedlots as of March 1.

Hogs: April through June hogs posted gains today, while far-deferred contracts ended lower. April hogs firmed 10 cents to $107.575. June hogs firmed 20 cents to $126.05. Lean hog futures traded weaker early this morning amid pressure from the broad-based risk aversion, but there was enough buying under the market to quickly push futures higher. The strength in nearby lean hog futures in the face of negative outside markets today was impressive and shows the strength of traders’ attitudes.