In the News

The next issue of Agri Marketing will include the annual Ag/Rural Show Guide and a Salute to the Ag Media Summit. To schedule your ad, contact Audrey Evans: AudreyE@AgriMarketing.com; 515-954-8589.

WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.1475	4.3775	3.5925
Soybeans	-0.1875	11.5950	9.6900
Wheat	-0.1375	4.8125	4.9125
Cattle	-5.72	116.73	151.95
Hogs	+0.47	86.17	78.00
Cotton	-0.18	64.57	63.88
Milk	-0.04	13.21	16.75
Crude Oil	-1.09	47.98	59.92

Corn futures were up on the week amid ongoing jitters about the U.S. crop outlook and technical strength. The weather forecast remains less than ideal for the Corn Belt, although most of the concern is about what could happen in July, rather than an imminent threat to the crop. The exception is the southwest Corn Belt, where hot, dry conditions are already threatening to curb yield potential. Soybeans were lower on the week amid profit-taking as large speculators are holding a large net long position, however prices did surge on Friday on significant fresh export demand. Wheat futures were mostly lower amid U.S. winter wheat harvest pressure and generally strong spring wheat crop conditions. Cotton was lower in nearby July, but December futures surged to their highest level since April 2015, driven late in the week by a weakening U.S. dollar and technical strength. Rice futures were slightly higher. The dollar was a supportive influence for the grains complex on Friday, and its direction could be set by the British vote on whether to exit the European Union this week.

In the livestock complex, live cattle futures stumbled amid pressure from sharply lower cash prices, but deferred months held key chart support. Wholesale beef prices were a negative factor, with Choice down nearly $6 on the week and Select down nearly $5. Cash cattle traded at $119-$123 in the southern Plains. Feeder cattle futures also fell sharply, tumbling to a new contract low in September and to a new three-year low on a front-month basis. The strength in corn prices was a negative factor for feeders. Lean hog futures meanwhile held firm, as summer-month contracts rallied to new contract highs amid cash market strength. Pork packer margins are tightening, which could slow hog demand going forward as supplies rise seasonally.

Click on the Brock logo or call 1-800-558-3431 for more info on our services.