After the Bell | June 16, 2023

Corn: July corn futures finished the day 17 cents higher to $6.40 1/4, marking a 36-cent gain on the week. December futures rallied 23 cents today to $5.97 1/2, closing 67 cents higher on the week and just half a cent lower than this week’s high. A weather market has sent volatility higher as corn futures rocketed to the highest level since mid-April in the July contract and since late February in the December contract.

Soybeans: July soybeans rallied 38 1/4 cents on the day to $14.66 1/2, marking an 80-cent gain on the week. November futures closed 50 cents higher to $13.42 1/4, marking an impressive weekly gain of $1.38 and closed on the week’s high. Soybeans have entered a steep uptrend on the daily bar chart, evidenced by the November contract rising over two dollars since May 31, with the bulk of that gain coming this week.

Wheat: December SRW wheat futures rose 29 cents to $7.15 3/4, near the daily high and hit a two-month high. For the week, December SRW gained 57 3/4 cents. December HRW wheat futures closed up 31 cents to $8.37 and nearer the session high. Prices hit a four-week high today and for the week rose 44 1/4 cents. December spring wheat futures climbed 22 1/4 cents to $8.60 1/4. July spring wheat futures rose 20 3/4 cents on the session to $8.53 1/2, rising 43 1/4 cents on the week. Today’s technically bullish weekly high closes in the winter wheat futures markets set the table for follow-through technical buying interest early next week.

Cotton: December cotton futures rose 50 points to 80.10 cents, near mid-range and for the week down 1.72 cents/pound. Some short covering was seen in the cotton futures market today, following this week’s selling pressure.

Cattle: Firming cash market action seemed to boost cattle and feeder futures Friday, with the expiring June live cattle contract rising 77.5 cents to $178.35 at the close. Most-active August rallied 65 cents to $171.725; the settlement price represented a weekly slide of 12.5 cents. August feeder futures settled at $234.925, which marked a daily advance of 80 cents and a weekly drop of $4.075. Packer buyers seemed to win the weekly battle over cash cattle prices this week, with the Monday-Thursday five-area average at $186.78 falling $2.28 from the comparable week-ago level.

Hogs: The nearby July hog contract ended Friday having risen 92.5 cents to $92.85, while August futures gained 37.5 cents to $90.675. That represented a weekly advance of $6.725. Seasonal factors point to sustained hog and pork strength next week, with packers likely trying to boost the weekly slaughter total as much as possible as they fill grocery store orders for Independence Day features.