After the Bell | May 8, 2024

After the Bell | May 8, 2024

After the Bell
After the Bell
(Pro Farmer)

Corn: July corn fell 8 1/2 cents to $4.58 1/2, ending near the session low. Corn futures extended Tuesday’s weakness amid general pressure across the grain and soy markets, though strong underlying support curbed selling.

Soybeans: July soybeans fell 18 3/4 cents to $12.27 3/4. July soybean meal closed down $4.70 at $378.50. July bean oil dropped 71 points to 43.79 cents. Prices in all three markets closed near their session lows. The soybean and soybean meal futures markets today saw routine profit-taking pressure and arguably a healthy corrective pullback after hitting multi-month highs on Tuesday.

Wheat: July SRW wheat fell 8 3/4 cents to $6.34 but ended well off the session low. July HRW futures closed 15 1/2 cents lower at $6.48 1/2, ending just above the session low. July HRS futures fell 16 1/4 cents to $7.02 3/4. Wheat futures faced follow-through selling, though losses were limited due to solid underlying support.

Cotton: July cotton closed up 256 points at 80.06 cents today and near the session high. The cotton futures market saw solid-short covering and perceived bargain-buying gains today, following recent selling pressure.

Cattle: The cattle complex turned downward Wednesday. June live cattle fell $1.15 to $176.475, while August feeder futures tumbled $2.025 to $252.40. Pessimism stemming from the backlog of feedlot cattle and stalled choice beef values seemed to undercut live cattle futures Wednesday.

Hogs: June lean hog futures rallied 40 cents to $98.725 though the contract settled well off session highs. Lean hog futures rebounded from recent selling pressure though the nearby contracts struggled to overcome initial technical resistance.