After the Bell | September 14, 2022

Corn: December futures fell 10 1/2 cents to $6.82 1/4. December futures fell 10 1/2 cents to $6.82 1/4. Corn futures fell a second day amid looming harvest pressure and concern over a potential rail shutdown as early as Friday. Some U.S. railroads will start halting grain shipments Thursday, a day ahead of a potential work stoppage, Reuters reported. USDA is expected to resume the release of weekly export sales data Thursday. Net corn sales for the week ended Sept. 8 are expected to range between 300,000 and 900,000 MT.

Soybeans: November soybeans fell 23 2/3 cents to $14.55. December soymeal fell 70 cents to $423.10, while December soyoil fell 186 points to 64.87 cents. Soybean futures fell a second straight day as the market extended a profit-taking pullback from a climb to 2 1/2-month highs earlier this week.

Wheat: December SRW wheat rose 11 3/4 cents to $8.72 1/4 and December HRW wheat gained 13 1/4 cents to $9.47, both two-month closing highs. December spring wheat rose 6 3/4 cents to $9.38. Winter wheat rose to two-month highs behind weakness in the U.S. dollar, persistent dryness in the U.S. Plains and concern over potential disruptions from a U.S. rail strike. USDA on Thursday is expected to report net weekly U.S. wheat sales between 200,000 and 550,000 MT.

Cotton: December cotton rose 39 points at 102.71 cents. Cotton futures drew mild support from signs of stabilization in U.S. stock indexes following Tuesday’s sharp losses, as well as a weaker U.S. dollar index and higher crude oil prices.

Cattle: October live cattle fell 45 cents to $144.35. October feeders rose 90 cents to $181.425. Live cattle fell as wholesale beef extended a slump. Choice boxed beef fell $3.19 to $253.47, the lowest since March 9. Cash cattle prices appear to be firming, though trade has been light so far this week. Live steers averaged $143.27 through this morning, up 79 cents from last week's average.

Hogs: October lean hogs fell $1.05 to $94.70, down from a four-week-high close Tuesday. October lean hogs led declines in futures after the market generated little followthrough buying interest from Tuesday’s rally. Slumping cash fundamentals continued to hang over the market. The CME lean hog index fell 62 cents to $97.67 (as of Sept. 12), a seven-month low, and is expected to drop another 9 cents Thursday. Pork cutout values rose $2.11 to $106.88, but movement slowed to 269 loads.