After the Bell | May 20, 2024

After the Bell | May 20, 2024

After the Bell
After the Bell
(Pro Farmer)

Corn: July corn rallied 8 cents to $4.60 1/2 and ended the session above the 100- and 20-day moving averages. Strong gains across wheat futures lent support to corn futures to begin the week amid looming global production concerns.

Soybeans: July bean futures surged 20 cents to $12.48 and closed on today’s highs. July meal futures rallied $5.30 to $374.10 and closed near session highs. July bean oil futures jumped 105 points to 46.32 cents and settled nearer today’s highs. Renewed buying strength was featured across the soybean complex today as agricultural commodities as a whole saw remarkable strength.

Wheat: July SRW wheat closed up 37 1/2 cents at $6.88 3/4, near the session high and closed at a nine-month-high close. July HRW wheat rose 35 cents at $6.96 3/4 and near the session high. July spring wheat futures closed 27 3/4 cents higher to $7.39 1/4. Potential production curbs amid weather problems in key global wheat regions lifted futures prices sharply higher today. Technical buying was featured as the charts remain bullish.

Cotton: July cotton rose a modest 14 cents to 76.03 cents and nearer the session low. Cotton futures continued to edge sideways in narrow trade, limited by overhead technical resistance and minimal outside-market support as risk aversion was largely the trend to begin the week.

Cattle: June live cattle rose 42 1/2 cents to $181.475 and nearer the session low. Prices hit a seven-week high early on. August feeder cattle fell $1.375 to $258.475. Prices closed nearer the session low after hitting a three-week high early on. The live cattle futures market was lifted today by friendly cash market fundamentals at present.

Hogs: June lean hog futures climbed 42.5 cents to $96.925 and settled nearer session highs. Lean hog futures posted modest corrective gains following a fresh for-the-move low this morning.