Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | + .31 ¾ | 3.85 | 4.42 ¾ |
| Soybeans | + .30 ½ | 10.02 | 14.37 |
| Wheat | + .73 ¾ | 5.62 ¼ | 5.82 ¼ |
| Cattle | - 3.50 | 148.40 | 153.75 |
| Hogs | - 0.03 | 75.45 | 129.85 |
| Cotton | + 3.84 | 67.16 | 80.37 |
| Milk | - 0.05 | 16.69 | 21.34 |
| Crude Oil | - 0.34 | 59.63 | 105.84 |
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Comments: Grain and soybean futures rocketed higher last week on growing concerns about U.S.
crops, which prompted short-covering and speculative buying.
Relentless rains across the southern and eastern Corn Belt have caused flooding, along with worries about lost corn yield potential and reduced soybean acreage.
The rains are also delaying the soft red winter wheat harvest.
Corn rallied to its highest level since early April, soybeans to their highest level since early March and wheat to its highest level since early January.
The rally spilled over into cotton, as the December contract broke out of its months-long range on Friday to its highest level since September.
Traders await the USDA's June 30 acreage and quarterly grain stocks reports and are keeping an eye on the Greek debt crisis, which could affect the U.S.
dollar and commodities in general.
In the livestock complex, live cattle were lower on the week due mainly to a sharp selloff on Thursday.
Packers retained the upper hand in the cash market, pushing Plains cash cattle trade down to $148, down $2 from the prior week.
Wholesale beef prices were higher on the week overall but tailed off late.
Feeder cattle futures also tumbled, pressured by the surge in corn prices.
Lean hog futures, which tumbled for much of June, stabilized last week, holding above Monday's lows and ending near unchanged for the week.
The June 26 Hogs and Pigs report was bearish for nearby contracts, as it showed the U.S.
hog herd as of June 1 up 8.7% from a year earlier, a bigger increase than expected.
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