After the Bell | May 15, 2024

After the Bell | May 15, 2024

After the Bell
After the Bell
(Pro Farmer)

Corn: July corn fell 5 cents to $4.62 1/2, nearer the session low and below the 10-day moving average. Corn futures deepened Tuesday’s losses after favoring the upside in overnight and early trade.

Soybeans: July soybeans fell 1 cent to $12.13 1/2. July soybean meal dipped $1.60 to $371.70. July bean oil closed up 15 points at 43.55 cents. Prices closed nearer their session lows in all three markets. The soybean and meal futures markets continued their price pauses today, which is not bearish.

Wheat: July SRW closed 6 3/4 cents lower at $6.65 3/4 after reaching a nine-month high early on. July HRW fell 8 1/4 cents to $6.75, near the session low, while HRS futures gave up 6 ¼ cents, closing at $7.27. SRW wheat futures have seemingly lost steam for the moment after heaving to a nine-month high in early morning trade despite the U.S. dollar dropping to a more than one-month low following weaker-than-expected Consumer Price Index (CPI) data.

Cotton: July cotton rose 78 points at 75.41 cents and nearer the session high after hitting a 1.5-year low early on. The cotton futures market saw some short covering today, after Tuesday’s limit-down daily price action and new for-the-move low.

Cattle: Cattle and feeder futures seemed to mark time Wednesday as traders awaited cash market news. June live cattle inched up 7.5 cents to $178.25 while most-active August feeder futures gained 20 cents to $255.875. Although the cash market for fed cattle has consistently outperformed expectations in the past few weeks, traders are not comfortable with the idea that it will continue doing so into summer.

Hogs: June lean hog futures sank 82.5 cents to $97.50 and settled nearer session lows. The lean hog futures market continues to struggle garnering much bullish momentum despite strengthening cash fundamentals.