After the Bell | December 5, 2022

Corn: December corn futures fell 5 3/4 cents to $6.40 1/2, the contract’s lowest close since $6.36 1/4 on Aug. 22. Corn fell for a fifth straight session to a 2 1/2-month lower on bearish technicals, spillover from slumping wheat and ongoing pressure from weak exports.

Soybeans: January soybeans rose 3/4 cent to $14.37 3/4. January soymeal surged $8.00 to $432.10, the contract’s highest close since Sept. 20. January soyoil plunged 265 points to 62.57 points, the lowest close since Oct. 3. Soybeans climbed on further indications of strong export demand and sharp gains in soymeal futures. USDA early today reported a daily sale of 130,000 MT of soybeans for delivery to China.

Wheat: March SRW wheat fell 22 cents to $7.39, the contract’s lowest close since October 2021. March HRW fell 29 cents to $8.41 3/4, the lowest close since Aug. 18. March spring wheat fell 19 1/4 cents to $9.02. Wheat futures extended last week’s losses as a record Russian wheat harvest and continued exports from the Black Sea supplies weighed on prices.

Cotton: March cotton rose 66 points to 83.86 cents, around the middle of today’s range. Cotton posted moderate gains as expectations China will relax Covid restrictions fueled optimism over demand.

Cattle: February live cattle fell 5 cents to $155.825. January feeder cattle gained $1.325 to $183.775, the highest close since Sept. 19. Bullish cash market fundamentals continued to support live cattle. Live steers averaged $156.42 last week, up 35 cents from the previous week and the ninth consecutive weekly increase. Choice beef cutout values plunged $6.62 to $243.31, the lowest daily average since March 2021.

Hogs: February lean hogs rose 10 cents to $90.525, the contract’s highest close since Nov. 17. Hog futures were supported by beliefs the cash market is nearing a bottom. The CME lean hog index fell 37 cents to $82.87, the lowest level since late January, and is expected to fall another 8 cents Tuesday. Pork cutout values fell $2.48 to $86.46, led by declines of over $9 in bellies. Movement was strong at 321 loads.