After the Bell | July 7, 2023
Corn: December corn futures plunged 12 cents as back and forth trade continues to plague the market, settling at $4.94 1/2, although price was just 1/4 cent lower on the week. Corn futures gave up most of yesterday’s gains as bearish fundamentals continue to weigh on prices.
Soybeans: November soybeans fell 21 3/4 cents to $13.17 3/4 and lost 25 1/2 cents on the week. August meal closed $5.40 lower to $402.80 and is down $11.10 week-over-week. August soyoil fell 41 points but gained 87 points on the week. Soybeans extended lower for the third straight session after failing to sustain momentum above the late June highs at the beginning of the week.
Wheat: December SRW wheat futures fell 10 cents to $6.66 1/2 and for the week lost 2 3/4 cents. December HRW futures dropped 25 1/4 cents to $8.19 1/2 and on the week rose 19 1/4 cents. December HRS wheat fell 10 1/4 cents to $8.54 1/2, marking a 28-cent week-over-week loss. The winter wheat market bulls were disappointed that futures prices today could not rally amid a sharp drop in the U.S. dollar index.
Cotton: December cotton rose 116 points to 81.04 cents, gaining 67 points on the week. December cotton futures pushed higher, with crude oil strength and a weaker U.S. dollar underpinning gains.
Cattle: Cattle futures rebounded sharply Friday, with August live cattle futures jumping $2.425 to $177.00 and August feeders leaping $3.15 to $245.425. These closing quotes represented weekly losses of 17.5 cents and $2.15, respectively. Cattle traders apparently expected the early-summer slide in fed cattle values to continue this week.
Hogs: August lean hogs fell $1.975 to $95.15 but for the week gained $2.55. The lean hog futures market late this week fell victim to some routine profit taking after August futures on Thursday hit a 3.5-month high.
