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May 26, 2020
In the News
The June issue of Agri Marketing will feature a Salute to AAEA-The Ag Communications Network on its 100th anniversary! To schedule your ad, contact Audrey Evans at 515-954-8589; AudreyE@AgriMarketing.com. Congratulations to the Ag Editors.
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.0125 | 3.1800 | 3.9450 |
| Soybeans | -0.0525 | 8.3325 | 8.2850 |
| Wheat | +0.0850 | 5.0875 | 4.7275 |
| Cattle | -0.50 | 97.33 | 107.95 |
| Hogs | -2.13 | 54.28 | 92.18 |
| Cotton | -0.64 | 57.61 | 66.75 |
| Milk | +0.19 | 17.04 | 16.34 |
| Crude Oil | +3.78 | 33.30 | 61.42 |
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Grain and oilseed futures were mostly down on the week on favorable U.S.
crop prospects and uncertainty about demand given the murky U.S.-China trade outlook.
The corn market has been consolidating, but with most of the crop planted and ample rain in the forecast for many areas, the fundamental outlook is gloomy.
Positives include a rebound in ethanol production and yield losses for second-crop corn in Brazil.
The Memorial Day weekend is often a critical point for significant price moves one way or another in corn.
Soybeans were pressured on lackluster export demand and pessimism about China, due to U.S.
anger over China's handling of the coronavirus and, this past week, China's move to tighten control of Hong Kong.
Wheat futures were higher in Chicago, but lower in Kansas City.
There are concerns about dryness in the southwest Plains, but there has been some relief recently, and global supplies remain comfortable.
Cotton futures were lower amid lousy exports and some relief for dryness in West Texas.
The weak cotton exports overall came despite another week of strong Chinese buying.
Crude oil continued to rally, gaining on rebounding gasoline demand.
Analysts caution, however, that a full rebound to pre-pandemic levels is a long ways off.
In the livestock complex, live cattle futures were mostly down on the week.
Plains cash live cattle trade was at mostly $119-$120 per cwt., up from last week's featured prices of $110 in Nebraska and $115 in Kansas.
The fact June futures were unable to rally on that strength signals a lack of confidence cash gains can be held in the face of a huge back-up of market-ready cattle and retreating wholesale beef prices.
Futures trade was choppy ahead of Friday's Cattle on Feed report, which turned out mostly neutral versus expectations.
Lean hog futures retreated on demand concerns.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
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