After the Bell | December 1, 2022
Corn: March corn fell 6 1/2 cents to $6.60 1/2, the contract’s lowest close since Nov. 22. Corn fell a third straight session as losses in soybeans overshadowed supportive outside markets, including a drop in the U.S. dollar index. Weekly USDA export numbers underscored a sluggish sales pace so far in 2022-23.
Soybeans: January soybeans sank 39 3/4 cents to $14.29 3/4, the contract’s lowest close since Nov. 22. January soymeal rose $3.80 to $421.60, the highest since Sept. 22. January soyoil fell 450 points to 67.38 cents, the lowest since Oct. 18. Soybean futures fell for the first time in five sessions as the soyoil market’s nosedive amid disappointment over U.S. biofuels targets fueled heavy speculative fund selling.
Cotton: March cotton rose 24 points to 84.85 cents, the contract’s highest close since Nov. 17. Cotton rose only modestly from limit-up gains Wednesday as weekly USDA export sales data continued an uninspiring trend.
Cattle: February live cattle fell 25 cents to $155.425. January feeder cattle rose 60 cents to $181.075. Expectations for further cash strength continued to underpin futures. USDA-reported live steers averaged $155.23 through this morning, down from last week's $156.07 average, but northern market activity may still boost prices.
Hogs: February lean hogs surged $3.825 cents to $89.175, the contract’s highest close since Nov. 22. Lean hogs extended Wednesday’s gains on strengthening technicals and signs of a bottom in the cash market. Pork cutout values fell 81 cents to $86.52 as movement slowed to about 277 loads.
