After the Bell | July 18, 2022
Corn: December corn futures rose 7 cents to $6.10 3/4. Corn futures posted solid gains on concerns hot, dry conditions across western and southern Midwest this week may harm yield potential with the crop moving into pollination. Northern and eastern areas of the country are expected to get enough rain to somewhat counteract the heat. USDA late today reported 64% of the U.S. corn crop in "good" or "excellent" condition as of Sunday, unchanged from a week earlier and above the average analyst estimate of 63%.
Soybeans: November soybeans rose 38 cents to $13.80 1/4, the highest close in a week. August soymeal ended $3.50 higher at $434.50. August soybean oil rose 312 points to 63.20 cents. Soybeans rose sharply amid concern over extreme Midwest heat, with further support stemming from crude oil futures’ rally above $100. USDA rated the soybean crop 61% good-to-excellent as of Sunday, down from 62% a week earlier and the fifth straight weekly decline. Analysts on average expected the good-to-excellent rating to hold at 62%
Wheat: September SRW wheat rose 36 cents to $8.12 3/4 and September HRW wheat rose 36 1/2 cents to $8.74. September spring wheat jumped 32 1/4 cents to $9.39. Winter wheat futures rose on corrective buying after the market hit five-month lows Friday. USDA reported the winter wheat harvest at 70% complete as of Sunday, up from 63% a week earlier and below trade expectations for 75%.
Cotton: December cotton surged 429 points to 93.00 cents per pound, the contract’s highest closing price in a week. Cotton futures gapped higher on the daily bar chart and rose sharply as general commodity strength and a continued pullback in the U.S. dollar index from 20-year highs encouraged buyers.
Cattle: August live cattle rose 70 cents to $135.625. August feeder cattle rose 32.5 cents to $176.675. Live cattle futures ended with modest gains behind support from general commodity market strength and signs beef demand is holding up better than expected even amid near-record retail prices. Choice beef cutout values rose $1.64 to a five-week high of $270.55, but movement was slow at 67 loads.
Hogs: August lean hogs rose $2.30 to $112.125, the contract’s highest closing price since April 28. Hog futures rose behind continued improvement in cash market fundamentals. The next CME lean hog index is projected up 74 cents to $114.89 (as of July 15), near a 13-month high. Pork cutout values fell 22 cents to $121.96 but movement was strong at 309 loads.
