After the Bell | July 20, 2023
Corn: December corn futures saw early gains before falling 6 3/4 cents to settle at $5.46 1/4, nearer the session low. Corn futures traded in a wide range but ultimately succumbed to selling pressure in the latter portion of the session as geopolitically driven uncertainty was unable to keep prices bid.
Soybeans: November soybeans fell 4 cents to $14.04 3/4, a low-range close, while August meal futures lost $3.30, closing at $440.59. August soyoil rose 159 points to 67.64 cents, marking the highest close since Nov. 4. Soybean futures faded for the first time in six sessions, as mild profit taking prevailed amid weakness in meal futures and strength in the U.S. dollar.
Wheat: December SRW wheat rose 3/4 cent to $7.46 1/4, near mid-range and hit a three-week high early on. December HRW wheat gained 8 1/4 cents to $8.80 3/4, near mid-range and hit an eight-month high. December spring wheat rose 5 3/4 cents to $9.11 3/4. Buying interest was limited in SRW futures today by weaker corn and soybean futures prices.
Cotton: December cotton rose 56 points to 84.31 cents, the highest close since early March. December cotton extended gains for the fourth straight session as persisting record heat along with dry weather in key growing areas ignites production concerns.
Cattle: August live cattle fell $1.00 to $180.325 and nearer the session low after hitting a fresh all-time high of $182.975 early on. August feeder cattle dropped $1.70 to $245.10 and nearer the session low. The cattle futures markets saw profit-taking pressure today after recent good gains.
Hogs: August hog futures led the deferred contracts sharply higher Thursday, posting a $2.70 jump to $100.625. Bears (and likely grocers) have apparently been facing increasing difficulty in forcing pork cutout values lower this week after having powered an approximate $3.00 drop to $112.71 Monday.
