After the Bell | October 18, 2022

Corn: December corn fell 2 1/2 cents to $6.81, the contract’s lowest closing price since $6.75 1/2 on Oct. 6. Corn futures fell a third consecutive day on pressure from the expanding U.S. harvest and spillover weakness from the wheat and crude oil markets.

Soybeans: November soybeans fell 13 1/4 cents to $13.72, the contract’s lowest settlement since Oct. 7. December soymeal fell $9.20 to $401.80. December soyoil rose 190 points to 68.74 cents, the highest close since June 21. Soybeans were pressured by a brisk harvest pace across the Midwest, slumping soymeal and concerns over waning exports.

Wheat: December SRW wheat fell 11 1/2 cents to $8.49 1/2, the contract’s lowest close since $8.30 1/2 on Sept. 19. December HRW wheat fell 7 1/2 cents to $9.44 1/2, a three-week low. December spring wheat rose 3/4 cent to $9.56. SRW wheat fell for the fourth session in the past six on slumping technicals, dollar strength and easing concern over Ukraine supplies.

Cotton: December cotton fell 80 points to 82.29 cents, the lowest close for a nearby contract since May 2021. Cotton extended a slide that began in late August as U.S. dollar strength and weakness in crude oil and grains stirred concern over demand, particularly from China.

Cattle: December live cattle rose 57.5 cents to $149.775, the highest closing price since Sept. 21. November feeder cattle rose $1.425 at $177.825. Cattle futures were supported by improving cash market fundamentals and bullish technicals. Talk circulated today that feedlot operators passed on higher cash cattle bids in Nebraska. Choice beef cutout values rose $2.64 to a four-week high of $250.78 on strong movement of 135 loads.

Hogs: December lean hogs surged $1.525 to $86.475, the contract’s highest close since Sept. 20. Hog futures extended a sharp rally to four-week highs amid optimism over demand and stronger cash fundamentals. The CME lean hog index rose 26 cents to $93.35 (as of Oct. 14), the fourth gain in the past six days, though it’s expected to fall 16 cents Wednesday. The national direct weighted average jumped $7.61 to $93.85, while pork cutout values fell 83 cents to $102.67 on strong movement of 336 loads.