After the Bell | December 14, 2022
Corn: March corn fell 3 cents to $6.50 1/2. Corn futures extended Tuesday’s late declines amid spillover from weakness in the wheat market, which remains under pressure in part due to grain supplies from Ukraine reaching the global market.
Soybeans: January soybeans rose 2 1/2 cents to $14.82 1/4. January soymeal rose $7.80 to $460.20. January soyoil fell 57 points to 63.49 cents. Soybean futures ended higher behind demand optimism, strength in soymeal and crude oil and concerns over dryness in South America.
Cotton: March cotton fell 26 points to 81.37 cents. Weakness in the U.S. dollar and strength in crude oil were price-supportive, but cotton remains burdened by sluggish exports.
Cattle: February live cattle fell 65 cents to $155.70. January feeder futures dropped 62.5 cents to $183.60. Cattle futures posted slight declines as the wholesale beef market pulled back from sharp advances early this week. Choice beef cutout values fell $4.88 to $250.07 on movement of 117 loads.
Hogs: February lean hogs fell $1.175 to $83.40, the contract’s lowest close since Oct. 14. Hog futures fell on bearish technicals and recently soft cash market fundamentals, even though the CME lean hog index showed signs of bottoming. Pork cutout values plunged $6.87 to an 11-month low at $84.27, driven by a drop over nearly $37 in bellies.
