After the Bell | May 18, 2023
Corn: July corn futures lead the complex lower, closing 6 1/4 cents lower to $5.55 1/4. Continued demand destruction continues to weigh on corn futures, although losses were curtailed after a fresh low right after this morning’s open.
Soybeans: July soybeans fell 3 3/4 cents to 13.33 1/4, a mid-range close after reaching the lowest level since July 25, 2022. July meal fell $11.20 to $414.10, while July soyoil rose 88 points to 47.29 cents. Soybeans made a solid attempt at the open to recover from overnight losses, but meal pressure and weak export sales catalyzed a move lower along with mostly favorable Midwest weather and unsupportive outside markets.
Wheat: July SRW wheat fell 13 3/4 cents to $6.11 3/4. Prices closed near mid-range and hit a two-week low. July HRW wheat dropped 28 1/2 cents to $8.57 and nearer the session low. July spring wheat futures fell 31 1/4 cents to $8.28 1/2. HRW wheat saw more heavy profit-taking pressure today after hitting a nearly six-month high early Wednesday.
Cotton: July cotton fell 28 points to 86.66 cents, after reaching the highest level since Feb. 13. July cotton faced mild corrective selling after notching solidly higher in the past four sessions, with strong gains in the U.S. dollar and crude oil weakness seemingly having little effect on the natural fiber.
Cattle: June live cattle rose 70 cents to $165.525, nearer the session high and hit a three-week high. August feeder cattle gained $3.35 at $234.50. Prices closed near the session high and hit a contract high. The cattle futures markets saw gains today, led by a sharp rise in feeders, as the grain futures markets continue to deteriorate.
Hogs: Although most hog contracts declined Thursday, nearby June futures rose 42.5 cents to settle at $85.30. The cash hog market continues working its way seasonally higher, although the rate of increase also remains comparatively slow.
