After the Bell | September 13, 2022

Corn: December corn fell 3 1/4 cents to $6.92 3/4, down from Monday’s 2 1/2-month closing high. Corn fell on corrective pressure following Monday’s USDA-driven rally. Sharp declines in U.S. equities and a surged in the U.S. dollar weighed on the commodity sector.

Soybeans: November soybeans fell 9 1/2 cents to $14.78 3/4 after hitting a 2 1/2-month intraday high earlier. December soymeal fell $10.80 to $423.80. December soyoil rose 24 points at 66.73 cents. Soybeans fell on profit-taking and spillover weakness from U.S. equities and crude oil but remained near the highs posted Monday.

Wheat: December SRW wheat rose 1 3/4 cents to $8.60 1/2. December HRW wheat rose 6 3/4 cents to $9.33 3/4, the contract’s highest closing price since July 8. December spring wheat rose 4 3/4 cents to $9.31 1/4. HRW led wheat futures higher as the market erased overnight declines on support from strengthened technicals and USDA’s lower-than-expected U.S. ending stocks forecast Monday.

Cotton: December cotton fell 339 points to 102.32 cents. Cotton tumbled on bearish outside markets as the U.S. dollar soared and U.S. equities sank after the Labor Department reported higher than expected consumer inflation. USDA late Monday reported the U.S. harvest was 8% complete, matching the five-year average. 

Cattle: October live cattle fell 95 cents at $144.80. October feeder cattle lost $2.60 to $180.525, a two-month low. Cattle futures fell after higher-than-expected consumer inflation sent U.S. equities tumbling and the U.S. dollar soaring.

Hogs: October lean hogs rallied $3.875 to $95.75, the highest close since Aug. 17. Hogs surged even as the cash market extended its slump, with the CME lean hog index down $1.28 to $98.29, the lowest since late February. While cash weakness may continue for at least a few more days, futures traders appear to be anticipating a seasonal bounce in hog prices. Pork cutout values fell $1.01 to $104.70 but movement was strong at 357 loads.