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June 12, 2017
In the News
For agri-marketing news, ag prices, weather and Penton Ag editors' blogs download the Agri Marketing App. For more information go here. Free, sponsored by Penton Ag. |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.1500 | 3.8775 | 4.2650 |
| Soybeans | +0.2025 | 9.4150 | 11.7600 |
| Wheat | +0.1625 | 4.4575 | 5.1025 |
| Cattle | +0.43 | 131.25 | 123.20 |
| Hogs | +1.25 | 82.48 | 82.68 |
| Cotton | -1.00 | 75.69 | 64.96 |
| Milk | -0.24 | 16.28 | 13.25 |
| Crude Oil | -1.83 | 45.83 | 50.56 |
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Grain and soybean futures marched higher last week, with gains driven by concern about the Midwest corn crop and short-covering.
Corn futures surged to multi-month highs, climbing each day of the week as temperatures in the northern Plains and parts of the central Corn Belt baked in hot, mostly dry conditions.
There are also worries about crop establishment in the eastern Corn Belt.
However by early this week the outlook was improving as a wetter pattern settles in across the Midwest.
Wheat futures gained 15 to 20 cents across all three classes on speculative short-covering and the drought threat to spring wheat.
Minneapolis spring wheat hit a two-year high on a front-month basis.
The monthly Supply and Demand report on Friday offered few fireworks for the grain/soy complex, and traders quickly turned their attention back to weather forecasts and the June 30 USDA acreage report.
Cotton futures were down on the week, as the July contract fell to a two-month low amid technical pressure and December fell Friday on a bearish USDA report.
The report slashed 2017-18 projected cotton exports by 500,000 bales.
That USDA report was bullish for rice however, as it cut projected long-grain carryout on increased exports.
Rice futures surged to a one-year high on Friday.
In the livestock complex, live cattle futures surged early in the week before retreating and posting a bearish reversal on Tuesday.
The market consolidated after that.
While there are indications of a top in the market technically, with deferred futures still at a very large discount to cash, this remains a difficult market to hedge in.
Cash trade emerged mostly late in the week and was a little disappointing at $137 in the southern Plains.
Lean hog futures were up on the week on renewed strength in cash hog and wholesale pork prices.
Strong packer margins are driving packer competition for tighter hog supplies.
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