After the Bell | May 6, 2024

After the Bell | May 6, 2024

After the Bell
After the Bell
(Pro Farmer)

Corn: July corn rose 8 3/4 cents to $4.69, marking the highest close since Jan. 25. Corn futures notched short-covering gains for the fourth straight session, with solid technical support and a flush of fundamental news pushing prices to a more than three-month intraday high.

Soybeans: July soybean futures rallied 33 3/4 cents to $12.48 3/4, marking the highest close since Jan. 24. July meal futures exploded $15.40 higher to $387.60, settling on session highs. July bean oil futures popped 76 points to 43.84 cents. The soybean complex posted impressive gains as soybeans closed at the highest mark in over three months.

Wheat: July SRW wheat rose 26 1/4 cents to $6.48 3/4 today and near the session high. Prices hit a more-than-three-month high. July HRW wheat gained 25 cents at $6.75 1/4, nearer the session high and hit a five-month high. July spring wheat futures rallied 11 cents to $7.25 1/2. The wheat futures markets were boosted today by weather concerns in major global wheat-producing regions.

Cotton: July cotton fell 100 points to 77.06 cents, nearer the session low. Cotton bears took back a portion of Friday’s gains as technical resistance continues to limit a more profound upside move.

Cattle: June live cattle closed up 30 cents at $176.975 and near the daily high. August feeder cattle fell $1.875 to $252.875 and near mid-range. The live cattle futures market today was mildly supported by firming cash market fundamentals and by risk-on marketplace attitudes as seen by a solid rally in the U.S. stock market to start the trading week.

Hogs: June lean hogs led the hog futures complex lower today, closing 77.5 cents lower to $98.175. Lean hog futures fell for the fourth consecutive session as pessimism surrounding the cash market continues to weigh heavily on prices.