After the Bell | August 11, 2022
Corn: December corn rose 9 1/4 cents to $6.27 3/4, the contract’s highest close since July 11. Corn rose amid concern over dry weather in parts of the Midwest as traders awaited Friday’s USDA Crop Production and Supply and Demand reports. USDA’s first survey-based estimates are expected to show U.S. corn production at about 14.392 billion bu., down 113 million bu. from a July forecast.
Soybeans: November soybeans rose 20 3/4 cents to $14.48 1/2, the contract’s highest closing price since July 29. September soymeal jumped $6.90 to $456.50, a lifetime-high close for the contract. September soyoil rose 192 points to 69.30 cents. Soybeans resumed a recent rally and settled near a two-week high amid concerns persistent dryness in parts of the Midwest will curb yield prospects. USDA is expected to estimate the U.S. soybean crop at 4.481 billion bu., down from a July forecast of 4.505 billion bu.
Wheat: September SRW wheat gained 11 cents to $8.10 3/4, the contract’s highest close since July 28. September HRW wheat rose 16 1/2 cents to $8.89 1/4. September spring wheat rose 15 1/2 cents to $9.21 3/4. Wheat futures rose to the highest levels in two weeks behind spillover from gains in corn and soybean markets, stronger technicals and weakness in the U.S. dollar.
Cotton: December cotton futures soared 365 points to 104.59 cents per pound, the contract’s highest close since June 22. Cotton futures rose to a seven-week high amid weakness in the U.S. dollar, rallies in grain and crude oil and concern over dryness in Texas production areas.
Cattle: October live cattle rose 62.5 cents to $145.10, the contract’s highest close since April 22. September feeders fell 40 cents to $184.60. Live cattle gained on further signs of cash strength. USDA-reported live steers averaged $146.00 this week through this morning, up over $5 from last week’s average, though those numbers largely reflect the northern market. Choice beef cutout values fell 13 cents to $263.10 on movement of 103 loads.
Hogs: October lean hogs rose 22 1/2 cents to $101.075, a lifetime-high close for the contract. Bullish charts and positive cash market fundamentals continued to boost futures. The CME lean hog index has eased slightly but remains in an uptrend and close to a 14-month high. Pork cutout values fell 36 cents to $123.31, the lowest in over three weeks. Movement was light at 233 loads.