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July 31, 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 | -0.0550 | 3.7425 | 3.3125 |
| Soybeans | -0.0825 | 10.0075 | 10.0350 |
| Wheat | -0.1825 | 4.8100 | 4.1025 |
| Cattle | -3.52 | 112.90 | 113.325 |
| Hogs | +0.30 | 81.40 | 68.85 |
| Cotton | +1.08 | 70.22 | 73.02 |
| Milk | -0.02 | 15.48 | 15.28 |
| Crude Oil | +3.94 | 49.71 | 41.14 |
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Grain and soybean futures were lower on the week amid choppy trade.
Corn and soybeans were pressured by widespread rains across the Midwest, including in some areas of the western Corn Belt that badly needed the moisture.
There are still areas of the region that remain too dry, but an extended forecast calling for mostly moderate temperatures in the first couple weeks of August has eased concerns about increased crop stress.
Soybeans, and particularly soybean oil, got a boost late in the week from a federal judge's ruling that the EPA erred in cutting the Renewable Fuel Standard mandate from 2014-16.
Wheat futures retreated amid profit-taking after strong recent gains, with Minneapolis leading the way lower despite the Wheat Quality Council's annual crop tour confirming poor crops in the Dakotas.
Cotton and rice futures both gained on the week, with help from a plummeting U.S.
dollar index, which fell to a 13-month low.
Cotton futures set a five-week high, with support early in the week from declining U.S.
crop ratings.
Rice futures set a new contract high in the September contract and a new 1 1/2-year high on a front-month basis, with support from improved weekly export sales.
In the livestock complex, live and feeder cattle futures both gapped lower to start the week, retreating on the July Cattle on Feed report.
Fundamentally, significant year-over-year increases in fed cattle supplies are on the way this fall and winter, and seasonal weakness in the wholesale beef market should remain a negative factor in the near-term.
Lean hog futures fell early in the week on pressure from the cattle complex but rebounded after that.
The July 24 monthly Cold Storage report showed pork belly stocks remained at a record low as of June 30.
However the seasonal trend for pork prices is lower, and weaker prices could further tighten packer margins.
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