After the Bell | March 20, 2023
Corn: May corn fell 1 1/4 cents to $6.33, near the session high. Corn succumbed to mild spillover pressure from the wheat complex due to hovering economic uneasiness and diminishing global supply concerns through the extension of the Black Sea grain agreement.
Soybeans: May soybeans rose 9 2/4 cents to settle at $14.86, near the session high. May soymeal fell $3.3 to close at $462.7, in the middle of today’s trading range. May soyoil closed 53 points higher at 57.99 cents. Soybean futures were lower overnight following favorable weather conditions for South America.
Cotton: May cotton futures fell 61 points to settle at 77.22 cents. Cotton futures fell but rebounded off the midday low with help from a recovering crude oil market and a sinking U.S. dollar index.
Cattle: April live cattle fell 30 cents to $162.025 and nearer the session low. May feeder cattle lost 80 cents at $199.15 and nearer the session low. The cattle futures markets once again fell victim to shaky U.S. and European financial banking systems that raise the odds of a global economic recession which could crimp consumer demand for beef.
Hogs: April lean hogs plummeted $2.10 to $77.775, nearer the session low. Last week’s bear efforts were apparently far from over as heavy selling continued today amid hovering macroeconomic concerns.
