After the Bell | May 31, 2023
Corn: July corn closed unchanged at $5.94, finishing near the session high after trading as low as $5.77 1/2. Nearby corn futures rebounded solidly from early lows which were forged in the wake of a surging U.S. dollar index and persisting crude oil weakness.
Soybeans: July soybeans rose 3 1/4 cents to $12.99 3/4 and near the session high. Prices hit a 16-month low early on today. July soybean meal rose 80 cents to $393.40 and nearer the session high. Prices hit a nine-month low early on. July bean oil closed steady at 46.20 cents. Prices closed near the session high and hit a more-than-two-year low early on. Today’s high-range closes in soybeans, meal and bean oil futures gives the bulls a bit of hope the bears are finally exhausted and that near-term market price bottoms are close at hand.
Wheat: July SRW futures rose 3 1/4 cents to $5.94 1/4 after making a new for-the-move low early in the session. July HRW futures rallied over a quarter off intraday lows to close 6 3/4 cents higher at $7.90 1/2. July spring wheat futures fell 13 cents to $7.80. Wheat futures closed higher after making a move-low early in the session, diverging from a weak crude oil market and a stronger U.S. dollar index.
Cotton: July cotton fell 40 points to 83.59 cents, a mid-range close after trading as low as 82.56 cents. Cotton futures edged lower, with pressure stemming from continued U.S. dollar momentum, which marked more than a two-month peak, making cotton more expensive for other currency holders.
Cattle: August live cattle rose 50 cents to $167.675. August feeder cattle gained $1.40 at $239.175. Both markets closed nearer their session highs, hit contract highs and closed at technically bullish monthly high closes on this last trading day of the month. Technical buying from speculative futures traders amid fully bullish charts helped to boost live and feeder cattle futures to new for-the-move highs today.
Hogs: The summer hog contracts led the complex higher again Wednesday, with the nearby June contract climbing $1.75 to $82.575. Sentiment about the hog/pork outlook has apparently shifted, as indicated by today’s follow-through gains in summer hog futures.
