After the Bell | December 22, 2022
Corn: March corn fell 1 3/4 to $6.60 1/2 after rising to a three-week high overnight. Corn faded from overnight gains and came under mild pressure after lackluster USDA weekly export sales. Early today, USDA reported net U.S. corn sales of 636,800 MT for 2022-23 during the week ended Dec. 15, down from 958,900 MT the previous week and at the low end of trade expectations.
Soybeans: March soybeans fell 12 1/2 cents to $14.72. March soymeal fell $4.40 to $448.30. March soyoil fell 82 points to 64.01 cents. The soy complex took pressure from a sharp drop in weekly soybean exports and prospects for rain relief in dry areas of South America.
Cotton: March cotton dropped the 400-point daily limit to 84.30 cents. Disappointing export numbers pressured the market. USDA reported net weekly U.S. cotton sales reductions of 87,800 running bales for 2022-23, compared to sales of 18,600 RB the previous week.
Cattle: February live cattle fell 40 cents to $157.30. March feeder cattle gained 72.5 cents to $186.45. Live cattle ended mixed after generating little followthrough buying from Wednesday’s rally to contract highs, though expectations for longer-term cash strength continue to underpin the market. Choice beef cutout values rose 35 cents to $265.21, the highest daily average since Aug. 16.
Hogs: February lean hog futures rose 65 cents to $89.05, the contract’s highest close since Dec. 5. Hog futures extended Wednesday’s gains behind technical strength and beliefs the cash market is near a bottom. Wholesale pork rebounded from an 11-month low, as cutout values rose $1.22 to $85.49 on strong movement of 309 loads.
