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July 3, 2017
In the News
The next issue of Agri Marketing will include the annual listing of Ag & Rural Shows. To schedule your organization's 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 | +0.1275 | 3.7050 | 3.5875 |
| Soybeans | +0.3775 | 9.4225 | 11.7500 |
| Wheat | +0.5125 | 5.1100 | 4.3125 |
| Cattle | -0.10 | 119.10 | 120.00 |
| Hogs | +5.33 | 90.63 | 82.85 |
| Cotton | +2.66 | 75.31 | 62.82 |
| Milk | -0.34 | 15.71 | 15.25 |
| Crude Oil | +3.03 | 46.04 | 48.33 |
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Grain and oilseed futures posted big gains on the week, driven by drought in the northern Plains that has ignited the wheat market, a weaker U.S.
dollar and lower-than-expected soybean acreage in USDA's June 30 report.
Minneapolis spring wheat rallied throughout the week, hitting a new three-year high, and the strength here ultimately spilled over into Chicago and Kansas City winter wheat, which both hit one-year highs.
Intensifying drought in the Dakotas and western Montana is a key fundamental driver for wheat.
Soybeans surged on Friday, helped by the strength in wheat as well as USDA's acreage report showing soy plantings of 89.5 million, slightly below trade expectations although still 6 million above a year ago.
November soybeans posted their highest close in six weeks on Friday.
Gains in corn were less impressive, although the market did end higher on the strength in wheat.
Friday's acreage report showed corn plantings at 90.9 million, down more than 3 million from a year ago but nearly 1 million above the average analyst estimate.
Cotton futures rallied amid short-covering after hitting a 10-month low on Monday, with further gains Friday driven by a bullish USDA acreage report.
Rice futures hit a new one-year high.
In the livestock complex, lean hog futures rallied after finding technical support early in the week.
Futures were underpinned by their discount to cash, as well as strong pork demand.
Thursday's quarterly Hogs and Pigs report was mostly neutral versus expectations.
Strong pork demand, and specifically bacon demand, has been a key for the hog market.
Live cattle futures trade was highly volatile, with some contracts ending near unchanged despite wholesale beef prices that tumbled throughout the week.
Beef packer margins remain very strong however, and cash cattle trade remains soft.
Plains trade occurred mostly at $118-19, down $2-3 from the prior week.
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