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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.0175 | 3.7300 | 3.8025 |
| Soybeans | +0.1450 | 8.9450 | 9.8075 |
| Wheat | +0.1400 | 5.1525 | 5.1900 |
| Cattle | -0.35 | 106.38 | 114.95 |
| Hogs | -1.03 | 75.43 | 91.48 |
| Cotton | +0.53 | 84.45 | 75.01 |
| Milk | -0.65 | 14.69 | 15.72 |
| Crude Oil | -0.35 | 73.80 | 45.52 |
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Grain and soybean futures were mostly higher on the week, thanks to a rally on Friday.
The big Friday rally pushed soybeans into positive territory on the week amid short-covering and speculative buying.
November soybeans made a new contract low before surging on Friday.
The grains complex, particularly soybeans, were pressured throughout the week by concern over new U.S.
tariffs, and China retaliatory tariffs.
Those tariffs did go into effect as scheduled on July 6, but traders appeared to have a “sell the rumor, buy the fact” approach.
Still, new Chinese tariffs on soybeans and other ag products are not bullish for U.S.
markets, in the short-term or long-term.
Corn and soybeans were also boosted Friday by growing concern over heat and dryness expected in the Midwest into the latter part of July.
Overall, the yield potential for corn and soybeans remains strong however.
Wheat futures were underpinned by declining crop estimates across Europe, from France and Germany to the Black Sea region.
Cotton futures were up on the week.
As with soybeans, cotton rallied on Friday in “sell the rumor, buy the fact” trade, with concern about the West Texas crop also a supportive factor.
Rice futures were up on the week, with September rice making a seven-week high on Friday.
In the livestock complex, live cattle futures were down on the week after volatile trade on Friday.
Plains cash trade reported early Friday helped to propel the market initially.
Cash trade in Texas occurred at $112, up from $107-08 last week.
In Kansas, trade of $112 was up $6 from a week ago.
This helped send October and December futures to four-month highs, but futures the fell sharply.
Lean hog futures were lower on the week amid technical pressure, concern about U.S.
exports due to the trade dispute with China, and weaker cash markets.
Pork packer margins remain thin.
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