After the Bell | June 8, 2023
Corn: July corn futures traded in an 18-cent range before settling 6 cents higher at $6.10 1/4. December corn futures rose 2 1/4 cents higher at $5.33. Corn futures saw a fair bit of volatility today, continuing this week’s norm as weather forecasts continue to drive the market.
Soybeans: July soybeans rose 2 1/2 cents to $13.63 1/4, near mid-range, while July meal fell $1.20 to $404.00. July soyoil achieved a 203-point gain to 52.50 cents, the highest close since May 9. Soybeans extended mildly higher for the third straight session amid looming concerns over Midwest weather along with a weaker U.S. dollar and slightly stronger export sales data.
Wheat: July SRW wheat rose 9 1/2 cents at $6.26 1/4. July HRW wheat gained 16 3/4 cents to $8.04 3/4. Both markets closed nearer their session highs. July spring wheat rose 21 3/4 cents to $8.15 3/4. The wheat futures markets today were boosted by rising concerns in the aftermath of flooding in Ukraine following the destruction of the Kakhovka dam.
Cotton: July cotton fell 70 points to 84.31 cents. December cotton rose 40 points to 81.63 cents. Nearby cotton inched higher overnight with solid export sales data sending the natural fiber skyrocketing, though strength was short-lived as a large drop in crude oil futures prompted a retreat.
Cattle: August live cattle fell 95 cents to $172.25 and near the session low. August feeder cattle dropped 45 cents to $238.65 today and near the daily low. Live and feeder cattle futures prices early Wednesday morning hit contract highs, with cattle futures scoring a record high.
Hogs: Nearby June lean hog futures ended Thursday having dipped 2.5 cents to $87.675, with four trading days until expiration at noon on June 14. The August contract fell 67.5 cents to $82.425. Pessimism about the summer hog outlook remains substantial, as evidenced by today’s futures weakness in the face of sustained cash and wholesale strength.
