After the Bell | June 5, 2024

After the Bell | June 5, 2024

After the Bell
After the Bell
(Pro Farmer)

Corn: July corn fell 3 1/4 cents to $4.39 1/4, closing near the session low. Corn futures continued to edge lower, marking losses for the seventh straight session as extended selling in wheat futures cast a persisting shadow over prices as did a strengthening U.S. dollar.

Soybeans: July soybeans fell 1 3/4 cents to $11.77 1/4, nearer the session low and closed at a four-week-low close. July soybean meal closed up $4.40 at $359.50 and nearer the session low. July soybean oil lost 49 points at 43.13 cents, nearer the session low and hit a three-week low. Soybean futures saw mild selling pressure today amid lower corn and wheat futures prices.

Wheat: July SRW wheat fell 11 1/2 cents to $6.46 3/4, while July HRW futures closed 11 cents lower at $6.76 1/4, each ending nearer the session low. July HRS futures ended 11 cents lower at $7.12 1/2. Wheat futures edged lower as U.S. dollar strength weighed on prices, while global production concerns seemingly eased despite an additional cut to the 2024 Russian crop.

Cotton: July cotton closed up 96 points at 74.44 cents today and near mid-range. Short covering was seen in the cotton futures market today after prices Tuesday hit a 1.5-year low.

Cattle: Anticipation of fresh cash market weakness weighed on the cattle and feeder markets again Wednesday. Expiring June live cattle futures dipped 30 cents to $181.775, while most-active August fell 57.5 cents to $177.875. August feeder futures dropped $1.20 to $254.825. Traders continue expecting sizeable summer losses in the live cattle and beef complex, which is best illustrated by the discounts at which futures are trading below cash.

Hogs: July lean hog futures plunged $1.725 to $92.20, while nearby June futures sank 60 cents to $92.10. Lean hog futures continue to undergo heavy technical selling pressure, driving prices to heavily oversold levels.