Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | + .00 ¼ | 3.53 ¼ | 4.50 ½ |
| Soybeans | + .31 ½ | 9.71 ½ | 14.20 ¾ |
| Wheat | - .15 ¼ | 4.88 ½ | 5.93 ½ |
| Cattle | - 0.55 | 151.90 | 148.00 |
| Hogs | - 2.30 | 75.75 | 128.05 |
| Cotton | - 0.75 | 63.32 | 88.36 |
| Milk | - 0.02 | 16.74 | 21.34 |
| Crude Oil | - 0.35 | 59.61 | 106.43 |
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Comments: Soybean futures rallied strongly after posting contract lows early in the week, with gains fueled by short-covering and growing concern about the U.S.
crop due to excessive rains in parts of the Midwest.
Acreage losses are a concern.
Gains in soybean meal added to the strength in soybeans and technically, soybeans posted a bullish weekly reversal.
Corn futures were essentially flat, as the excessive Midwest rains are not quite as big a problem for the corn crop, which is already planted.
After heavy rains from tropical storm remnants, weather conditions are expected to improve over the next couple of weeks.
Wheat futures stumbled to their lowest level in more than two weeks, pressured by weak export demand and drier conditions in the southern Plains, which aid the hard red winter wheat harvest.
Cotton see-sawed throughout the week and ended lower thanks to a selloff on Friday.
In the livestock complex, lean hog futures fell sharply once again, with heavy selling on Monday and Friday with consolidation in between.
October lean hog futures set a new contract low on Friday.
Ample hog supplies and technical selling are weighing on the market.
Live cattle futures sold off for most of the week but rebounded Friday, despite weaker cash cattle prices for the third week in a row.
Wholesale beef prices have been climbing, and gained nearly $6 last week.
The Cattle on Feed report was mildly supportive, showing placements in May down 10%, a slightly bigger drop than expected, as pasture conditions in the Plains continue to improve.
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