After the Bell | August 12, 2022

( )

Corn: December corn rose 14 1/2 cents to $6.42 1/4, up 32 1/4 cents for the week and the contract’s highest closing price since $6.53 3/4 on June 20. USDA lowered its forecast for the U.S. corn crop more than expected, indicating extreme heat and dryness in the Midwest this summer crimped yield potential. In its Crop Production report today, USDA pegged the 2022 crop at 14.359 billion bu., about 33 million bu. under expectations and down 146 million bu. from its July estimate.

Soybeans: November soybeans rose 5 3/4 cents to $14.54 1/4, up 45 1/2 cents for the week and the highest close since July 29. September soymeal rose $8.20 to $465.70, a lifetime-high close. September soyoil rose 23 points to 69.53 cents. USDA unexpectedly hiked its U.S. crop estimate, but soybeans rebounded from an initial drop to end higher. USDA estimated the crop at a record 4.531 billion bu., up 26 million bu. from a July forecast. Analysts expected a cut of about 50 million bu.

Wheat: September SRW wheat fell 4 3/4 cents to $8.06, up 30 1/4 cents for the week. September HRW wheat ended unchanged at $8.89 1/4, up 41 cents for the week. September spring wheat fell 2 1/4 cents to $9.19 1/2. Today’s USDA reports held no big surprises, with the U.S. all-wheat crop estimate increased 2 million bu. from last month to 1.783 billion bu.

Cotton: December cotton rose the 400-point daily limit to 108.59 cents per pound, up 1,246 points, or 13% for the week and the highest closing price since June 21. USDA lowered its estimates for U.S. harvested acres, yield and production.

Cattle: October live cattle fell 60 cents to $144.50, up 62.5 cents for the week. September feeders fell $1.225 to $183.375. Live cattle remain in a month-long uptrend amid strengthening cash prices. Live steers averaged $144.34 so far this week, up $3.50 from last week’s average. Choice beef cutout values gained 27 cents to $263.37, down $1.25 from a week earlier. Movement was lighter at 89 loads.

Hogs: October lean hogs fell $1.05 to $100.025, still up $1.625 for the week. Hog futures posted a strong weekly gain behind continued firm cash fundamentals and bullish technicals. The next CME lean hog index is expected to rise 7 cents to $121.93, near a 14-month high posted earlier this week. Pork cutout values fell $1.48 today to a four-week low at $121.83, but movement was strong at nearly 316 loads.


Latest News

H&P report reflects larger than expected herd contraction

USDA estimated the U.S. hog herd has contracted to 73.8 million head as of Sept.1, down 1.1 million head (1.4%) from year-ago and 468,000 head smaller than the average pre-report estimate.

After the Bell | September 29, 2022

Grain, soybean futures end mixed ahead of USDA's quarterly stocks; USDA reports further hog herd contraction.

Pro Farmer's Daily Advice Monitor

Pro Farmer editors provide daily updates on advice, including if now is a good time to catch up on cash sales.

Putin to Ratify Election Results | September 29, 2022

NATO rules Nordstream breech sabotage, Ian shuts-in some Gulf energy production and today's H&P Report expected to show mild herd contraction...

Market Watch | September 29, 2022

Sharp drop in cash corn and soybean prices over the past week.

Analysts/economists keeping a close watch on major currency fluctuations

Sharp fluctuations in some of the world’s major currencies are injecting new uncertainty into the global economic outlook.