After the Bell | May 16, 2024

After the Bell | May 16, 2024

After the Bell
After the Bell
(Pro Farmer)

Corn: July corn fell 5 1/2 cents to $4.57, near the session low. Corn futures faced pressure for the third straight session, extending below notable technical support following puny export sales, combined with weakness in SRW wheat and soybeans.

Soybeans: July soybean futures closed 2 3/4 cents higher while deferred contracts posted losses. July meal futures sank $4.00 to $367.70 and settled near session lows. July bean oil futures surged 97 points to 44.52 cents and settled near session highs. The soybean complex continues to face muted volatility and traded within this week’s range in each respective market.

Wheat: July SRW wheat fell 2 1/2 cents to $6.63 1/4 and nearer the session low. July HRW wheat closed down 1 3/4 cents at $6.73 1/4 and near the session low. July spring wheat futures closed a nickel lower at $7.30 1/4. The winter wheat futures markets today continued their downside price corrections after hitting multi-month highs earlier this week.

Cotton: July cotton futures climbed 83 points to 76.24 cents and settled near mid-range. Cotton futures posted corrective gains for the second consecutive session despite another disappointing export sales report this morning.

Cattle: June live cattle rose 77 1/2 cents to $179.025, nearer the session low and hit a six-week high early on. August feeder cattle gained $1.475 to $257.35 and near mid-range. The cattle market bulls are having a good week amid improving cash market fundamentals.

Hogs: After dipping to fresh three-month lows, hog futures posted an impressive rebound Thursday. June hog futures ended the day at $98.375, up 87.5 cents on the day. The cash and wholesale pork markets remain generally firm, but neither is displaying the sort of strength commonly seen at this time of year.