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February 22, 2021
In the News
Changes announced for Agri Marketing. To view the changes click here. |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.0525 | 5.4175 | 3.8525 |
| Soybeans | +0.0875 | 13.800 | 9.0550 |
| Wheat | +0.1425 | 6.5550 | 5.6250 |
| Cattle | -1.50 | 123.68 | 120.80 |
| Hogs | -0.70 | 84.50 | 67.58 |
| Cotton | +1.82 | 90.48 | 69.65 |
| Milk | -0.20 | 16.36 | 16.77 |
| Crude Oil | -0.28 | 59.10 | 53.49 |
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Grain and oilseed futures were up on the week, underpinned by uncertainty over U.S.
acreage, concern over South American crop potential and a soft U.S.
dollar.
USDA at its annual Ag Outlook Forum showed corn acreage at 92.0 million and soybean acreage at 90.0 million, a big jump that would mean the largest combined corn/soy acreage on record.
Even with increased soy acreage, the 2021-22 soybean carryout is only seen at 140 million bushels.
While that is a long way off and subject to considerable change, the bottom line is that soybean supplies are likely to remain tight for the foreseeable future.
On the negative side, fresh export demand for corn and soybeans has dried up recently.
Another negative sign, for both corn and soybeans, is the collapse of old-crop/new-crop spreads.
The March/December corn futures spread slid from $1.05 1/2 on Feb.
8 to 82 3/4 cents as of Friday.
In soybeans, the March/November futures spread declined 18 cents on the holiday-shortened week to $1.81 cents, its lowest level since late December.
Cotton futures continued to soar, making new contract highs and a 2 1/2-year high on a front-month basis.
High prices for a number of crops will drive a heated "battle" for acres this spring.
The big story on the week was the historic winter storm stretching through the Plains all the way into south Texas.
While this won't have a major impact on row crops, it did feed some concern about winterkill and wreaked havoc in energy markets.
The prolonged cold snap also stressed livestock and caused some meat processors to close or slow down temporarily.
Lean hogs were lower on the week as was live cattle, as traders awaited Friday's Cattle on Feed report.
That report was bearish, showing January feedlot placements at 103.2% of a year earlier, topping expectations that averaged 99.8%.
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