After the Bell | May 23, 2024

After the Bell | May 23, 2024

After the Bell
After the Bell
(Pro Farmer)

Corn: July corn rose 2 3/4 cents to $4.64 and ended the session above the 10-day moving average. Corn futures extended gains for the second straight session following solid export sales data and short-covering.

Soybeans: July soybean futures led weakness today, falling 7 cents to $12.39 1/4, though deferred contracts saw milder selling. July meal futures closed $1.50 lower to $3.76.70, settling nearer session lows. July bean oil futures sunk 69 points to settle at 45.19 cents, on session lows. After showing robust strength overnight and scoring a fresh for-the-move high this morning, soybean futures fell under selling pressure, continuing to base just under the $12.50 mark in July futures.

Wheat: July SRW wheat closed up 5 cents at $6.98. July HRW wheat rose 11 1/4 cents at $7.10 3/4. Prices closed nearer their session highs. July spring wheat futures closed 7 1/2 cents higher at $7.44 and near session highs. The winter wheat futures bulls held their composure today following Wednesday’s low-range closes that would have hinted of buying exhaustion had there been follow-through selling today.

Cotton: July cotton futures climbed 234 points to 81.72 cents and settled nearer session highs. Cotton futures continue to see sharp corrective gains as buying interest continues to grow.

Cattle: June live cattle closed down 65 cents at $183.525. August feeder cattle fell $1.45 to $261.45. Prices closed nearer their daily lows but hit two-month highs early on today. The cattle futures markets today saw routine downside corrections and some profit taking from the speculators following recent good gains.

Hogs: Cash and wholesale weakness undercut hog futures again Thursday. Nearby June futures slid 87.5 cents to $94.525 and led the deferred contracts lower. The hog and pork complex remains unusually weak for this time of year.