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July 16, 2018
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 | -0.1825 | 3.5475 | 3.6100 |
| Soybeans | -0.6025 | 8.3425 | 9.7250 |
| Wheat | -0.1825 | 4.9700 | 4.9550 |
| Cattle | -1.83 | 104.55 | 117.425 |
| Hogs | -5.27 | 70.15 | 92.75 |
| Cotton | +3.39 | 87.84 | 66.54 |
| Milk | +0.09 | 14.78 | 15.59 |
| Crude Oil | -3.11 | 70.69 | 46.08 |
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Soybean futures tumbled to new contract lows, posting their biggest weekly loss since the beginning of the current slump that started after Memorial Day.
The market was pressured by favorable Midwest weather and ongoing concern about U.S.
exports in the face of the U.S.-China trade war.
In its monthly Supply and Demand report July 12, USDA slashed projected 2018-19 soybean exports by 250 million bushels.
It noted the decreased in Chinese demand, partially offset by increased demand from other countries.
The season-average price for 2018-19 was slashed by 75 cents, to $8.00 to $10.50.
Corn futures were down on the week on pressure from soybeans and favorable crop prospects.
Unlike soybeans, USDA actually hiked its corn export projection significantly.
USDA didn't change national average yields for corn or soybeans, and there is likely more upside to their current yield projections than there is downside.
Wheat futures were pressured by favorable northern Plains weather, but Chicago and Kansas City rebounded late in the week on declining crop expectations for much of Europe, Russia and Australia.
Cotton futures soared amid a supportive USDA report, that slashed U.S.
harvested acreage.
In the livestock complex, lean hog futures collapsed in the first half of the week, making new contract lows before rebounding Thursday and Friday.
Concerns about exports in the face of trade disputes with China and Mexico weighed on the hogs complex.
Seasonal cash price weakness and accelerating hog herd expansion were also negative factors.
Futures' wide discount to cash was a supportive factor late in the week.
Live cattle futures also came under significant pressure early in the week, but after finding technical support they rebounded late.
Plains cash trade mostly at $110 was down from a week ago, but in line with expectations.
The seasonal trend for cash prices is lower.
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