After the Bell | May 10, 2024

After the Bell | May 10, 2024

After the Bell
After the Bell
(Pro Farmer)

Corn: July corn futures surged 13 1/4 cents higher to $4.69 3/4, marking a 9 1/2 cent gain on the week and closing near this week’s highs. Corn futures surged higher as demand has been better than previously anticipated, negating most of the selling pressure seen earlier this week.

Soybeans: July soybeans rose 10 1/2 cents to $12.19 and gained 4 cents on the week, while July soymeal fell $1.00 to $371.90, and gave up 30 cents week-over-week. July soyoil rallied 180 points to 44.44 cents and rose 123 points on the week. USDA’s Supply & Demand Report favored soybean bears, though hefty soyoil gains combined with strength in corn and wheat markets abated heavy selling.

Wheat: July SRW wheat futures rose 26 cents to $6.63 1/2, near the session high and hit a five-month high. For the week, July SRW gained 41 cents. July HRW futures closed up 21 1/2 cents to $6.73 1/4 and near the session high. On the week, July HRW rose 23 cents. July spring wheat futures rose 16 1/4 cents to $7.20 and notched a weekly gain of 5 1/2 cents. Today’s solid gains in the winter wheat futures markets that include a technically bullish weekly high close in July SRW suggest there will be follow-through technical buying interest from the speculators early next week.

Cotton: July cotton fell 129 points to 77.31 cents and gave up 75 points on the week. Cotton edged lower following relatively neutral data from USDA’s initial 2024-25 supply and demand projections.

Cattle: June live cattle futures rose 20 cents to $176.15 and near mid-range. For the week, June cattle fell 52 1/2 cents. August feeder cattle futures dropped 15 cents to $250.90, near mid-range and on the week down $3.85. The cattle futures bulls continue to be squelched by H5N1 virus news and worries about consumer reactions.

Hogs: With the exception of expiring May hog futures, which slipped 25 cents to $91.725, hog futures moved generally higher Friday. Most-active June advanced 65 cents to $98.375, with the close marking a weekly dip of 57.5 cents. Stable cash prices and the strengthening wholesale market appeared to power modest hog futures gains to end the week.