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November 21, 2022

In the News

2023 Agri Marketing Services Guide update forms have been distributed. If you haven't received your copy, please contact Audrey Evans: AudreyE@AgriMarketing.com. Happy Thanksgiving from the Agri Marketing team!



WEEKLY COMMODITY HIGHLIGHTS

Nearby
Futures
Weekly
Change
Friday's
Close
Year
Ago
Corn+0.07006.70005.7925
Soybeans-0.217514.282512.6525
Wheat-0.13258.22008.3075
Cattle+2.60155.85137.25
Hogs+1.1589.5583.30
Cotton-2.5583.78115.14
Milk-0.0521.5317.48
Crude Oil-7.9480.2278.41
Grain and oilseed futures were mixed on the week, with corn gaining while most other markets were lower. Nearby futures in corn were supported by slow movement in cash markets, but export demand remains a concern and a sharp drop in crude oil prices is also negative. The wheat market was lower as concerns at the start of the week about a missile strike in Poland gave way to news that the explosion was caused by Ukrainian defenses rather than a Russian offensive. An agreement to extend the Black Sea grain export agreement by 180 days added to the pressure. Soybeans remain in a sideways, choppy pattern, but concerns about a huge Brazilian crop, and the potential for Chinese buyers to soon turn their attention there, hang over U.S. prices. U.S. soybean export sales last spring and summer benefited from a short Brazilian crop, but odds of a repeat of that situation are not looking high right now. Cotton futures fell on rising Covid cases in China and the potential impact on demand.

In the livestock complex, live cattle futures started out the week falling to 3-week lows, but then worked higher the remainder of the week on support from firm cash markets and position evening ahead of Friday's USDA Cattle-on-Feed report. Prospects for beef production to fall significantly in 2023 remained supportive for deferred futures. The Cattle on Feed report was supportive, pegging the Nov. 1 feedlot inventory at 97.9% of a year earlier, below the average trade estimate of 98.3%, on lower-than-expected placements. Deferred hog futures contracts continued to edge higher most of the week, with support coming from prospects for hog supplies to tighten through the first half of 2023 as well as hopes of a "soft landing" for the U.S. economy and a reopening of China's economy.

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