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July 20, 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 | -0.0425 | 3.3300 | 4.3600 |
| Soybeans | +0.0425 | 8.9500 | 9.0050 |
| Wheat | +0.0075 | 5.3475 | 5.0550 |
| Cattle | +2.30 | 106.88 | 108.75 |
| Hogs | +1.23 | 51.08 | 77.83 |
| Cotton | -2.37 | 61.94 | 62.49 |
| Milk | -0.56 | 22.48 | 17.67 |
| Crude Oil | -0.01 | 40.75 | 56.92 |
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Grain and soybean futures were mixed on the week, as traders weighed generally favorable Midwest weather on the bearish side and fresh Chinese demand on the bullish side.
After recently making large purchases of corn and wheat, China started shopping for soybeans, with either China or "unknown destinations" booking more than 1.5 million metric tons of U.S.
soybeans between Tuesday and Friday.
Despite the demand, the longer-term outlook for trade relations with China remains murky at best, as the U.S.
and China are at odds over Hong Kong, the coronavirus response, and other issues.
Meanwhile hot temperatures across the Corn Belt throughout the month of July have helped to underpin corn and soybean prices, but that heat has been accompanied by enough rain to avoid drought damage.
That trend is expected to continue through the end of the month.
There are exceptions, mainly in the far western Corn Belt and in Ohio, which has been more dry.
Wheat futures rallied early in the week amid declining crop prospects for Russia and Argentina, before retreating as demand remains lackluster.
Crude oil futures remained in a sideways pattern, with the market continuing its weeks-long stay near the $40 level.
In the livestock complex, live cattle futures accelerated higher, reaching 4 1/2 -month highs with help firm cash cattle prices and technical buying.
Nearby August futures posted an outside week higher and made their highest weekly closed since mid-February, before the pandemic exploded.
Futures premium to cash should make feedlots tighter holders of cattle, which should support prices going forward, but feedlots won't have strong leverage in the market as cattle supplies still appear ample.
Traders are looking ahead to the July 24 Cattle on Feed report.
Lean hog futures were also higher on the week.
Packer margins for beef and pork processors remain very strong.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
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