After the Bell | June 20, 2024

After the Bell | June 20, 2024

After the Bell
After the Bell
(Pro Farmer)

Corn: July corn fell 10 1/4 cents to $4.39 3/4, closing near the session low. July corn futures slid to the lowest level in two weeks following the midweek holiday as bears gained a leg up amid returned U.S. dollar strength and rising ethanol stocks.

Soybeans: July soybean futures plunged 18 3/4 cents to $11.55 1/4 and settled on session lows. July meal futures sunk $7.00 to $357.60 and closed on session lows. July bean oil futures dipped 33 points to 43.97 cents. Soybeans underwent heavy selling pressure though remained within Tuesday’s range.

Wheat: July SRW wheat fell 9 1/4 cents to $5.72 3/4 and hit a two-month low. July HRW wheat closed down 8 3/4 cents at $5.92. Prices closed near mid-ranges. July spring wheat fell 14 cents to $6.18 3/4. July SRW wheat futures posted a fourth down-day in a row, while July HRW hit six straight daily declines.

Cotton: July cotton futures sunk 18 points to 70.85 cents and settled nearer session lows. Cotton futures struggled to maintain early morning gains as prices bled lower throughout most of today’s session.

Cattle: August live cattle rose 45 cents to $182.55. August feeder cattle closed down 12 1/2 cents at $259.825. Both markets posted mid-range closes. The live and feeder cattle futures markets paused today amid the existing price uptrends.

Hogs: Hog futures negated a big portion of early-week gains Thursday, with nearby July falling $2.625 to $91.15 and most-active August diving $2.45 to $89.125. Bullish hopes held by hog traders for a quick end to the ongoing demand-driven advance in wholesale beef prices, along with a similar resurgence in pork values failed to materialize today, which probably played a big role in the hog futures breakdown.