After the Bell | April 13, 2023

Corn: May corn futures fell 3 3/4 cents to $6.52 1/4 and the nearer the session low. The corn futures market saw profit-taking today after hitting a nearly two-week high early on.

Soybeans: May soybeans led the complex lower, settling 3 1/4 cents lower at $15.01. May soybean meal notched gains of $3.40, closing at $463.60, although well off the intraday high. May soyoil fell 28 points to 53.72 cents. May soybean futures were bid up overnight but saw selling once trading resumed after the break this morning.

Wheat: May SRW fell 12 1/2 cents to $6.67, ending near the session low and below support at $6.73 3/4 and $6.68. May HRW fell 18 1/4 cents to $8.45 1/4, ending the session below the 20- and 100-day moving averages while May spring wheat closed 10 1/2 cents lower at $8.49 1/2. The wheat complex tumbled, with HRW wheat leading losses despite lingering forecasts of dry weather through much of HRW country and continued weakness in the U.S. dollar from easing inflation pressures and a more dovish Fed.

Cotton: May cotton rose 90 points to 83.35 cents, nearer the session high and above the 100-day moving average for the second straight session. The cotton futures market drew buying support today from friendly outside market forces that included a slumping U.S. dollar index (making U.S. cotton less expensive on the world market) and solid gains in the U.S. stock indexes.

Cattle: Nearby April live cattle spiked to a fresh record high for nearby cattle at $177.70 before setting back slightly to a fresh record high close, up $1.225 to $175.50. Most-active June cattle set back 35 cents to close at $164.50. May feeder futures suffered a late 77.5 cent drop to close at $207.80. The fed cattle situation has become very tight, as indicated by the latest steer dressed weight figure at 898 pounds per head falling 11 pounds below year-ago levels and the spread between choice- and select-grade beef values widening to $17.15 at midsession Thursday.

Hogs: Expiring April lean hog futures fell 70 cents to $71.60. Most-active June futures settled at $85.65, $1.90 lower on the day. Lean hog futures continued their decline today, making new lows in the April and June contracts.