After the Bell | June 2, 2023
Corn: July corn futures ended the week strong rising 16 1/2 cents to $6.09, marking a 5-cent gain on the week. December corn futures finished up 11 1/4 cents at $5.41 1/4, rising 6 3/4 cents on the week. Corn futures traded most of the week below last Friday’s settlement, but late session buying sent July futures to the highest level since April 26.
Soybeans: July soybeans rose 23 cents to $13.52 1/2, the highest close since May 16 and gained 15 1/4 cents on the week. Soybeans were able to grab solid gains to end the shortened Memorial Day week on heightened volatility amid rising concerns over expanding dryness throughout the Midwest.
Wheat: July SRW wheat futures rose 8 1/4 cents to $6.19, nearer the daily high and a 3-cent gain on the week. July HRW wheat gained 9 3/4 cents to $8.12 1/4, nearer the daily high and for the week down 7 cents. July spring wheat rose 20 cents to $8.09 but lost 9 cents week over week. The technically bullish weekly high closes in winter wheat futures today set the table for follow-through speculator buying interest early next week.
Cotton: July cotton fell 37 points to 86.05 cents but gained 270 points week-over-week. Despite ending the session lower, cotton futures were ultimately able to extend last Friday’s momentum.
Cattle: Expiring June live cattle futures rose $1.525 to $176.425 Friday, while most-active August settled at $172.90, up 52.5 cents on the day and up $7.725 on the week. August feeders rose 25 cents to $241.90, which represented a weekly advance of $7.975. Cash cattle prices vaulted back above the $180.00 level this week, with the Monday-Thursday average for the Five-Market area reaching $181.35.
Hogs: August lean hog futures rose $2.275 to $82.30, near the daily high and for the week gained $8.25. Friday’s technically bullish weekly high close provides another clue that lean hog futures prices have put in a seasonal bottom and have more upside rally potential in the near term.
