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July 14, 2014
In the News
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 | presents WEEKLY COMMODITY HIGHLIGHTS |
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Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -.17 ¼ | 3.99 ¾ | 7.16 ¾ |
| Soybeans | -.92 | 12.95 ¾ | 16.01 ¼ |
| Wheat | -.53 ¼ | 5.14 ¾ | 6.79 ¼ |
| Cattle | -5.87 | 149.13 | 121.93 |
| Hogs | +1.07 | 132.80 | 102.18 |
| Cotton | -7.48 | 68.74 | 85.18 |
| Milk | +.02 | 21.40 | 17.38 |
| Crude Oil | -3.23 | 100.83 | 104.91 |
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Comments: Grain and soybean futures continued to collapse under the weight of burdensome U.S.
crop expectations last week, with lower demand estimates in Friday's monthly USDA supply/demand update adding fuel to the bearish fire.
The absence of any widespread weather threat across U.S.
corn, soybean and spring wheat growing areas kept buying interest low.
Friday's report was especially bearish for the wheat market as USDA raised its U.S.
wheat carryout by 15% due to larger spring wheat output and reduced forecasts of U.S.
exports and feed use.
For corn, USDA carried lower feed use implied by the June 1 corn stocks figure forward to 2014/15, raising its carryout forecast despite a slightly lower 2014 crop estimate.
USDA's corn yield estimate did not change from 165.3 bushels and will most likely rise in August.
USDA's soybean crop forecast was up sharply due to the increased plantings revealed in the June 30 Crop Acreage report.
USDA did not offset larger soy production with higher demand estimates, raising its U.S.
carryout by more than 27% to an 8-year high.
Livestock futures had a rough week with live cattle futures reversing sharply lower under pressure from demand concerns and technical selling.
Nearby hog futures were supported by firm cash markets, but deferred months were hit by technical selling and fears cheap corn will fuel herd expansion in coming months.
Cotton futures continued to fall apart as higher USDA estimates of U.S.
and world cotton added further downward pressure on prices.
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