After the Bell | May 27, 2022
Corn: July corn futures rose 12 1/4 cents to $7.77 1/4, down 1 1/2 cents for the week and the fourth straight weekly decline. December corn rose 11 1/4 cents to $7.30, down 2 cents for the week. Corn futures ended the week on firm note behind strength in wheat as traders monitored Midwest weather and squared positions ahead of the three-day holiday weekend.
Soybeans: July soybeans rose 5 3/4 cents to $17.32 1/4, up 27 cents for the week and a lifetime-high close for the contract. November soybeans fell 3/4 cent to $15.44, up 22 1/4 cents for the week. July soymeal rose $4.10 to $432.30, while July soyoil fell 95 points to 79.57 cents. Nearby soybeans faded from an early climb to three-month highs as profit-taking emerged before the long holiday weekend.
Wheat: July SRW wheat rose 14 1/4 cents to $11.57 1/2, down 11 1/4 cents for the week. July HRW futures rose 6 3/4 cents to $12.35 1/4, down 17 1/4 cents for the week. July spring wheat rose 12 1/2 cents to $13.04 3/4, up 25 3/4 cents for the week. Wheat futures rose amid concern over delayed seeding in the Northern Plains.
Cotton: July cotton fell 119 points to 139.42 cents per pound, down 285 points for the week. Short-term price direction in cotton may continue lower, especially if USDA export sales reports continue to disappoint. Tuesday’s weekly USDA Crop Progress report will include the agency’s first condition ratings for the 2022 U.S. cotton crop.
Cattle: August live cattle fell 20 cents to $132.40, up 85 cents for the week. August feeders dropped 35 cents to $166.325, a gain of $2.40 for the week. Live cattle futures were pressured by continued weakness in the cash market, but strength in wholesale beef could boost futures next week. Choice beef cutout values rose $1.45 today to $265.42, up $3.25 from the end of last week and the highest daily average since April 25. Movement totaled 106 loads. USDA-reported live steers averaged $138.93 this week through this morning, down from last week's $140.25 average and the third straight weekly decline.
Hogs: July lean hogs fell 10 cents to $111.725, a four-week high and a gain of $2.725 for the week. Hog futures' strong performance this week has the market poised to extend gains as the summer grilling season begins. Cash market fundamentals continued to improve , with the CME lean hog index reaching $104.40, the highest since late August. Pork cutout values fell $1.97 today to $106.16, down 95 cents from a week ago. Movement totaled 283 loads.
