After the Bell | August 9, 2022

( )

Corn: December corn futures rose 6 3/4 cents to $6.14, the contract’s highest closing price since July 29. December corn gapped higher USDA reported lower than expected crop condition ratings. USDA late Monday reported 58% of the corn crop in “good” or “excellent” condition as of Sunday, down from 61% the previous week and lower than analysts’ expectations for a drop to 60%.

Soybeans: November soybeans jumped 28 3/4 cents to $14.28 3/4, the contract’s highest closing price since July 29. September soymeal surged $12.70 to $449.10. September soyoil rose 41 points to 65.76 cents per pound. Soybean futures rose for the first session in the past three and settled near a two-week high behind strength in soymeal and concerns dryness in parts of the Midwest will trim yield potential.

Wheat: September SRW wheat rose 1 3/4 cents to $7.81 1/2. September HRW wheat rose 4 cents to $8.51 3/4. September spring wheat climbed 12 cents to $8.92 3/4. Wheat futures gained support from an unexpected drop in weekly USDA crop ratings. USDA reported 64% of the U.S. spring wheat crop in good-to-excellent” condition as of Sunday, down sharply from 70% a week earlier.

Cotton: December cotton surged 348 points to 99.07 cents per pound. Cotton futures rallied near seven-week highs amid ongoing concern over adverse conditions in key U.S. growing areas. Texas cotton crop continues deteriorating amid persistent heat and dryness.

Cattle: October live cattle fell $1.05 to $143.175. September feeder cattle fell $3.15 to $182.50. Live cattle futures fell for the first time in three sessions as corrective selling emerged after the market failed to generate follow-through buying interest from Monday’s rally to three-month highs. Choice beef cutout values fell $1.51 to $264.73 but movement was strong at 154 loads.

Hogs: August lean hogs rose 40 cents to $122.20. October fell 65 cents to $99.65. Cash fundamentals supported August futures, which posted the highest close for a nearby contract since June 2021. The CME lean hog index fell 17 cents from a 14-month high to $121.92, but is expected to rise 37 cents Wednesday. Pork cutouts fell 21 cents to a three-week low at $123.85, but movement was strong at 321 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.