Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +.68 ¼ | 8.24 ½ | 6.90 |
| Soybeans | +1.15 ½ | 17.57 ½ | 13.80 ¼ |
| Wheat | +1.01 ¼ | 9.43 ¼ | 6.92 ¼ |
| Cattle | +0.75 | 117.95 | 110.55 |
| Hogs | -3.52 ½ | 93.70 | 100.83 |
| Cotton | +0.30 | 72.06 | 99.14 |
|  |
Comments: The weather market remained in full force last week, carrying corn and soybeans to new record prices as the searing drought continued and Ag Secretary Tom Vilsack exhorted legislators to reinstate the disaster measures that expired last September, especially to aid livestock producers.
Attention began to turn from corn to soybean yield destruction as the time is running out that rain can help the crop, now in its critical development stages. Further deterioration in crop conditions is expected in USDA's July 23 weekly report. As this week begins, it appears topping action may be forming on the price charts. This will be a “have” and “have not” year for crop producers, depending on whether they have a crop to sell at these prices, what crop insurance coverage they chose and the structure of their land ownership/rental.
The cattle reports issued July 20 confirmed the drought's impact on cattle herds, which came in below expectations.
However, both beef and pork in cold storage are at record levels, supporting the weak demand view.
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