After the Bell | April 30, 2024

After the Bell | April 30, 2024

After the Bell
After the Bell
(Pro Farmer)

Corn: July corn futures closed down 2 1/2 cents at $4.46 3/4 today and near mid-range. The corn futures bulls did not fare too badly with mild losses today, given the steeper declines seen in the soybean and winter wheat futures markets.

Soybeans: July soybeans fell 19 cents to $11.63 and gave up 42 1/4 cents month-over month, while July soymeal fell $2.40 to $351.90, but rose $10.90 cents for the month. July soyoil closed 136 points lower at 43.01 cents and marked a monthly loss of 547 points. Soybeans ultimately caved today as soymeal surrendered to the downside following a second day of heavy selling in soyoil.

Wheat: July SRW futures fell 5 1/4 cents before settling at $6.03 1/4, near the midpoint of today’s session. July HRW futures plunged 15 1/4 cents to $6.35 1/4. July HRS futures fell 3 1/2 cents to $7.04 1/4. Winter wheat futures fell for the second consecutive session but closed well off session lows.

Cotton: July cotton fell 309 points to 78.43 cents, marking a 10-month low close and 13.54 cent monthly loss. July cotton futures sank as outside market pressure cast a broad shadow over commodities to end the month.

Cattle: June live cattle futures fell $2.175 to $174.975 and settled nearer session lows. May feeder futures plunged $3.45 to $244.575. Live cattle futures opened lower on this morning’s open and saw continued selling pressure throughout today’s session.

Hogs: June lean hogs closed steady at $102.475 though nearer the session low. It was not a bad day for the lean hog futures bulls, considering the sharp losses in the cattle markets and the general price weakness in the raw commodity sector.