After the Bell | September 7, 2022
Corn: December futures fell 5 cents to $6.71, after earlier reaching $6.88, the highest intraday price since June 23. Corn faded after rising overnight amid renewed uncertainty over global supplies after Vladimir Putin claimed Russia and the developing world had been “cheated” by a UN-brokered Ukrainian grain export deal. Putin vowed to revise the deal’s terms to limit countries that can receive shipments.
Soybeans: November soybeans fell 15 1/4 cents to $13.83 1/2, the contract’s lowest closing price since Aug. 16. October soymeal rose $4.40 to $415.00, while October soyoil fell122 points to 63.68 cents. Soybeans ended at the lowest level in over three weeks amid signs of increasing supplies and slower demand, with prospects for a record U.S. crop also weighing on the market. Crude oil’s drop to the lowest levels since January also burdened the soy complex.
Wheat: December SRW wheat rose 27 1/4 cents at $8.44 1/4, the contract’s highest closing price since July 11. December HRW wheat gained 19 1/2 cents to $9.01 1/2. December spring wheat rose 10 1/4 cents to $9.00. December SRW wheat settled at an eight-week closing high amid renewed concerns over Ukrainian supplies.
Cotton: December cotton fell 193 points to 101.62 cents, a four-week closing low. Cotton futures were pressured by a strong U.S. dollar index, which posted a 20-year high for the third day in a row, and by slumping crude oil, which dropped to an eight-month low.
Cattle: October live cattle fell 80 cents to $144.25 after rising as high as $145.50 earlier. October feeder futures tumbled $2.15 to $183.95. Live cattle climbed initially behind strength in wholesale beef but faded to losses as crude oil’s drop weighed on the commodity sector. Choice beef cutout values rose 87 cents to $261.34, the highest since Aug. 29, on strong movement of 218 loads.
Hogs: October lean hogs fell 2.5 cents to $91.075, while deferred contracts ended firmer. Nearby October futures remained under pressure from soft cash fundamentals. The CME lean hog index fell $1.48 to $103.26, the lowest since May 23, and is expected to drop another $1.78 Thursday. Pork cutout values fell $1.18 to $103.15, but movement was strong at 352 loads.
