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July 5, 2016
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.
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.3150 | 3.5300 | 3.5925 |
| Soybeans | +0.6575 | 11.6875 | 10.4400 |
| Wheat | -0.3850 | 4.1625 | 5.8750 |
| Cattle | +2.11 | 112.98 | 151.08 |
| Hogs | -1.38 | 82.67 | 77.10 |
| Cotton | +0.27 | 65.10 | 66.09 |
| Milk | +0.21 | 15.05 | 16.21 |
| Crude Oil | +1.35 | 48.99 | 56.96 |
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Corn and wheat futures tumbled on the week, while soybean futures surged in the wake of USDA's June acreage and quarterly stocks reports.
Corn was already in retreat during the week before Thursday's report, which added bearish pressure.
Corn acres of 94.1 million were up 500,000 from March intentions and far above pre-report analyst estimates.
Corn stocks were also much higher than expected.
Wheat stocks were in line with expectations, but both spring wheat and winter wheat acres were higher than expected.
Meanwhile wheat continues to be pressured by the winter wheat harvest, which has included phenomenal yields in the southern Plains as well as mixed quality.
Chicago wheat fell to a six-year low, while Kansas City futures set new 10-year lows.
Meanwhile soybeans surged, with much of the gain coming on Thursday following USDA's report, despite the fact the report itself was not bullish.
The Midwest weather outlook
remains less than ideal, but forecasts calling for heavy rains across the southern Corn Belt over the July 4 weekend weighed on grain prices.
Cotton futures were up slightly on the week despite tumbling on Thursday after USDA showed planted acres up more than 400,000 from March intentions.
In the livestock complex, live cattle futures were up on the week, rebounding after finding no follow-through to the prior week's selloff.
On Thursday the market got an added boost with cash trade at $121-$122, up $5 to $6 from the prior week.
Demand is supported by robust packer margins, however beef prices were soft throughout the week.
Feeder cattle futures also surged, driven in part by the weakness in corn.
Lean hog futures fell to three-week lows to start the week and were choppy after that.
The CME lean hog index is showing signs of topping, and after the composite pork cutout hit a nearly 11-month high on Wednesday, wholesale pork prices also started to cool off.
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More Detail |
You can see the effects of dry conditions throughout the southeast, and better than normal conditions through central Texas up into western Kansas and eastern Colorado. |
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