After the Bell | May 28, 2024

After the Bell | May 28, 2024

After the Bell
After the Bell
(Pro Farmer)

Corn: July corn futures fell 2 1/4 cents to $4.62 1/2 and nearer the session low. The corn futures market remains in a choppy trading range, with the bulls unable to muster the strength to push prices above solid chart resistance at the May highs.

Soybeans: July soybeans slumped 18 1/2 cents to $12.29 1/2, ending the session below the 10-day moving average. July soymeal fell $9.90 to $376.60, near the session low. July soyoil rose 57 points to 45.52 cents. Soybean futures began the short trading week under pressure, led by profit-taking in meal futures in the wake of Friday’s sharp gains.

Wheat: July SRW wheat closed up 3 cents at $7.00 1/4 and nearer the session low. Prices hit a 10-month high early on. July HRW futures rose 10 cents to $7.31 1/4 and near mid-range. Prices hit a nine-month high early on today. July spring wheat futures rose 4 3/4 cents to $7.57 1/2. The wheat futures bulls today were helped out by friendly outside-market forces that included solidly higher crude oil prices and a drop in the U.S. dollar index.

Cotton: July cotton rallied 191 points to 82.43 cents, ending the session above the 40-day moving average for the first time since April 1. Cotton carried on last week’s strength, notching a more-than-one-month intraday high as supportive outside markets provided a boost.

Cattle: June live cattle futures ground 85 cents higher to $184.55, while August feeder cattle futures surged $4.375 higher to $264.60. Live cattle futures posted modest gains on the day as traders continue to narrow the spread between nearby futures and the cash market, while feeder futures surged amidst weakening feed prices.

Hogs: Hog futures remained under downward pressure despite a big noon surge in pork values. Nearby June futures ended the day 47.5 cents lower at $93.80. Trader pessimism about the short-term hog outlook apparently remained in place to start this week, with sustained selling pushing the nearby contracts to four-month lows at the daily bottom.