After the Bell | June 15, 2022

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Corn: July corn futures rose 5 3/4 cents to $7.74, the contract’s highest closing price since May 27. December futures fell 1/4 cent to $7.21. Nearby corn climbed behind continued strength in cash markets and firm demand fundamentals. U.S. ethanol production last week averaged 1.060 million barrels per day (bpd), up 21,000 bpd from the previous week and up 3.4% over the same week in 2021.

Soybeans: July soybeans fell 4 3/4 cents to $16.93 3/4, the contract’s lowest closing price since June 1. November soybeans fell 1 3/4 cents to $15.23 1/2. July soymeal rose $6.50 to $417.50 per ton. July soyoil fell 61 points to 77.67 cents. Nearby soybean futures settled at a two-week low after USDA early today reported a cancellation of a 100,000-MT export sale to “unknown destinations.”

Wheat: July SRW wheat fell 1/4 cent to $10.50. July HRW wheat fell 9 cents to $11.33 1/4. July spring wheat fell 7 1/4 cents to $12.01 1/4. Nearby HRW and SRW contracts settled near two-week lows amid pressure from the accelerating U.S. harvest.

Cotton: July cotton fell 30 points to 143.18 cents per pound, while December futures fell 273 points to 117.92 cents. Nearby cotton futures fell for the third session in the past four amid weakness in crude oil and concern a possible U.S. recession will curb demand.

Cattle: August live cattle soared $2.725 to $136.80. August feeders rose $1.975 to $173.275. Cattle futures rallied on reports extreme heat in the U.S. Plains has killed thousands of head of cattle and resulted in a sharp jump in cash prices in northern markets. USDA-reported live steers averaged $143.81 through this morning, up nearly $4.00 from last week's average.

Hogs: July lean hogs rose $1.65 to $108.275, the highest closing price since June 7. Nearby lean hogs rose a fourth consecutive session on renewed cash market strength. The CME lean hog index rose 73 cents to a 10-month high at $108.13 (as of June 13) and is expected to gain another 44 cents tomorrow. Pork cutout values fell $2.88 to $105.79, led by a decline of over $12 in bellies. Movement was slower than recent days at 287 loads.

 

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