After the Bell | December 21, 2022

Corn: March corn rose 10 1/4 cents to $6.62 1/4, the contract’s highest close since $6.67 on Nov. 30. Corn rose behind short-covering and spillover strength from winter wheat markets. Weather in South America remained somewhat price supportive.

Soybeans: March soybeans rose 4 3/4 cents to $14.84 1/2, the contract’s highest close since Dec. 14. March soymeal rose $3.40 to $452.70. March soyoil fell 2 points to 64.83 cents. Soybeans rose on optimism over demand, concerns over Argentina dryness and strength in crude oil.

Wheat: March SRW wheat rose 17 1/4 cents to $7.67 3/4, the contract’s highest close since Dec. 2. December HRW wheat rose 17 cents to $8.64. March spring wheat rose 11 3/4 cents to $9.27 3/4. SRW wheat climbed amid beliefs the market has established a near-term bottom. Concern that frigid U.S. Plains temperatures this week may damage crops also supported prices.

Cotton: March cotton rose 46 points to 88.30 cents, the highest close since Sept. 23. Cotton was lifted by short covering, bargain hunting and technical buying, as well as strength in crude oil.

Cattle: February live cattle rallied $2.125 to $157.70 after posting a contract high at $157.975. January feeder cattle rose 20 cents to $183.825. Live cattle broke decisively above the past two month’s trading range amid concern over a major Plains storm and expectations a tight supply outlook will keep packers paying up for market-ready animals. Choice beef cutout values fell 19 cents to $264.86, ending a string of four straight daily gains. Movement was strong at 118 loads.

Hogs: February lean hogs rose $4.15 to $88.40, the contract’s highest close since Dec. 5. Hog futures rallied to the highest levels in over two weeks amid beliefs the market may have established a near-term low. An outlook for tighter animal supplies in 2023 is also supporting futures. Wholesale pork remained under pressure, with pork cutout values dropping $1.01 to $82.45, the lowest daily average since Jan. 11.