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July 6, 2020
In the News
The next issue of Agri Marketing will include the Best of NAMA winners! To schedule your organization's ad, contact Audrey Evans at AudreyE@AgriMarketing.com
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.2425 | 3.4350 | 4.1900 |
| Soybeans | +0.3550 | 8.9675 | 8.9875 |
| Wheat | +0.1625 | 4.9200 | 5.0325 |
| Cattle | +3.37 | 99.40 | 104.10 |
| Hogs | +1.07 | 49.20 | 78.98 |
| Cotton | +3.45 | 62.95 | 67.29 |
| Milk | +1.33 | 22.97 | 17.37 |
| Crude Oil | +2.16 | 40.65 | 56.25 |
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Grain and soybean futures surged, driven by a stunningly bullish USDA acreage report for corn.
That lifted corn to a three-month high, as well as soybeans.
Wheat also rallied.
USDA estimated 2020 corn acreage at 92.0 million, down from 97 million in March planting intentions and about 3 million lower than the average analyst estimate.
While USDA's June 1 quarterly grain stocks report, also released on Tuesday, showed greater-than-expected supplies, overall the effect of the two reports was to bring 2020-21 corn carryout expectations well below 3 billion bushels.
Supplies are still likely to be comfortable, but nowhere near as burdensome as earlier expected.
Meanwhile an extended period of heat and dryness across the Midwest is feeding concern about lost yield potential.
Soybeans' gains were fueled mainly by the USDA's corn acreage estimate, as the soybean acreage estimate was a little higher than expected.
Overall, soybean market fundamentals remain more favorable compared to corn.
Cotton futures rallied on USDA's acreage estimate of just 12.185 million, down about 1 million from trade estimates and down 1.5 million from a year ago.
Cotton is also getting support from extreme heat and growing drought across West Texas.
In the livestock complex, live cattle futures were up on the week.
October made a seven-week high on Thursday.
The market had help from Thursday's jobs report, which showed lower unemployment and more jobs added in June than expected.
There are still significant concerns however about the U.S.
economy and demand as parts of the South and West continue to see a surge in coronavirus cases.
Plains cash cattle trade was mostly steady on the week.
Feeder cattle futures were higher, rallying late in the week to a one-month high.
Lean hog futures were higher on the week, gradually climbing after making contract lows on Monday.
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