After the Bell | May 29, 2024

After the Bell | May 29, 2024

After the Bell
After the Bell
(Pro Farmer)

Corn: July corn fell 7 1/4 cents to $4.55 1/4, ending the session below the 20- and 10-day moving averages. Corn futures faced a second straight day of selling, with pressure stemming from soybean futures and U.S. dollar strength.

Soybeans: July soybeans fell 15 1/2 cents to $12.14 and near the session low. July soybean meal lost $7.50 at $369.10 and near the session low. July soybean oil gained 36 points at 45.88 cents and nearer the session high. The soybean and meal futures markets saw selling pressure today amid bearish daily “outside market” forces that included solid gains in the U.S. dollar index, weaker crude oil prices and less risk appetite in the general marketplace, evidenced by a sell-off in the U.S. stock market.

Wheat: July SRW wheat closed 7 1/2 cents lower at $6.92 3/4, while July HRW fell 11 1/2 cents to $7.19 3/4. Both closed nearer session lows. July HRS futures fell 5 1/2 cents to $7.52. Wheat futures faded as U.S. dollar strength and corrective selling cast a shadow over the complex.

Cotton: July cotton futures fell 133 points to 81.10 cents and near mid-range. The shorter-term speculative traders took some profits today after July cotton futures prices Tuesday hit a five-week high.

Cattle: Concerns about a short-term cash market top seemed to undercut cattle futures Wednesday, with June live cattle falling $1.20 to $183.35 and August feeder futures plunging $4.35 to $260.25. As noted previously, the cash price of fed steers set an all-time high of $190.09 last week.

Hogs: July lean hog futures fell 20 cents to $96.325 and scored a fresh for-the-move low, while nearby June futures slipped 2.5 cents to $93.775. Lean hog futures opened higher this morning though they failed to maintain gains as the session went on as prices were heavily influenced by staunch selling pressure in the cattle markets.