After the Bell |June 29, 2023
Corn: Nearby July futures led the complex lower falling 9 cents to $5.81, while December futures fell 8 1/4 cents to close at $5.28 1/2. As thunderstorms rolled across the Midwest, corn futures struggled to maintain early overnight strength and succumbed to heavy selling pressure in the afternoon.
Soybeans: November beans rose 3/4 cents to $12.65 3/4, finishing the near the session low. July meal gained $1.20 to $403.00, while July soyoil rose 121 points to 60.83 cents. Soybean futures paused recent downside efforts despite an increase in rains across the Midwest, tepid export sales and strength in the U.S. dollar, indicating enough premium has been removed ahead of the government’s Acreage and Quarterly Stocks Report, due out tomorrow at 11 a.m. CT.
Wheat: December SRW wheat fell 2 1/4 cents at $6.84 1/2, near the session low today and hit a two-week low. December HRW wheat dropped 6 3/4 cents to $8.01 1/2, near the session low. December HRS wheat rose 7 1/4 cents to $8.35.The winter wheat futures markets were again pulled down by another solid drop in corn futures prices.
Cotton: December cotton rose 167 points to 79.03 cents, finishing near the session high and at the highest level since June 22. December cotton was able to capture solid gains, turning higher for a second straight day on continued technical buying amid strength in equities.
Cattle: August live cattle rose 62 1/2 cents to $174.50 and near the session high. August feeder cattle gained $2.125 to $242.375, near the session high and hit a three-week high. The cattle futures markets rallied today, led by gains in feeders amid the steep drop in corn futures prices this week.
Hogs: Summer hog futures turned higher after opening poorly Thursday. Nearby July closed $1.175 higher at $95.45, while most-active August advanced $1.225 to $92.325. The deferred contracts slipped again. Bulls are likely being encouraged by the sustained advance in the CME hog index.
