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July 18, 2016
In the News
The next issue of Agri Marketing will include the annual Ag/Rural Show Guide. 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 | -0.0275 | 3.5225 | 4.2950 |
| Soybeans | -0.1075 | 10.7250 | 10.2500 |
| Wheat | -0.1025 | 4.2475 | 5.6675 |
| Cattle | -1.30 | 110.93 | 147.03 |
| Hogs | -0.91 | 77.92 | 80.47 |
| Cotton | +7.94 | 73.86 | 65.32 |
| Milk | -0.13 | 15.33 | 16.35 |
| Crude Oil | +0.54 | 45.95 | 51.41 |
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It was another tumultuous week for corn and soybeans, but after trading huge ranges they ended not too far from where they started.
Jitters over intense heat expected across the western Corn Belt this week were a driving factor in the market, and long-range forecasts showing the heatwave wouldn't last beyond a few days helped pressure the market late in the week.
Corn traded a wide 30-cent range on the week, while soybeans traded a 40-cent range within the span of an hour at one point late in the week.
Meanwhile on Tuesday USDA issued a mildly friendly Supply and Demand report for corn, as it lowered projected U.S.
carryout on increased exports.
The report was not a “game-changer” for soybeans as USDA's carryout forecasts were near trade expectations.
For wheat the report was bearish, as winter wheat production estimates were above the already lofty expectations.
The bullish market in the ag complex was cotton, whic
h soared early in the week and kept climbing to fresh two-year highs.
The rally was partially fueled by Tuesday's USDA report, which boosted projected U.S.
exports by 1 million bales.
Live cattle futures fell to new contract lows early in the week on pressure from soft beef demand and prospects for ample cattle supplies ahead.
Nearby futures traded to their lowest level in five years.
The market retreated again on Friday in expectation of weaker cash trade, although futures held above the contract lows.
Cash trade did emerge after Friday's close at $117 in the southern Plains, down $3 from the prior week but still at a $7 premium to nearby futures.
Lean hog futures remained on the defensive as increasing hog supplies pressured cash markets despite firm pork prices and strong packer margins.
Prospects for hot Midwest weather underpinned the market at mid-week, but by Friday hog futures were again at a three-month low.
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