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March 1, 2021
In the News
The next issue of Agri Marketing will include a focus report on dairy and an update on Farm Broadcasting. To schedule your 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 | +0.0575 | 5.4750 | 3.7450 |
| Soybeans | +0.2425 | 14.0425 | 8.9200 |
| Wheat | +0.0475 | 6.6025 | 5.3575 |
| Cattle | -3.68 | 120.00 | 112.35 |
| Hogs | +2.65 | 87.15 | 65.15 |
| Cotton | -1.65 | 88.83 | 65.47 |
| Milk | +0.01 | 16.28 | 16.47 |
| Crude Oil | +2.33 | 61.59 | 48.73 |
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Grain and soybean futures were mostly higher on the week, with underlying support from concerns about South American production.
Soybean harvest delays in Brazil has also led to planting delays for the country's safrinha corn crop, which is starting to weigh on expectations for corn production there.
At the same time, heat and dryness in Argentina are fueling concern about drought-related crop losses there.
Some markets sold off sharply on Thursday, but it is unclear if the selloff was position-evening or a major change in the trend.
Soymeal futures posted a bearish outside week on the chart.
Lackluster weekly export sales hang over the grains complex, including wheat.
There are very few crop problems to speak of in the Northern Hemisphere.
Dryness, however, in the western Corn Belt and across the Plains is a growing concern as planting season starts to approach.
Harsh winter weather has given way to above-average temperatures, and the forecast calls for a warm March.
Cotton futures made new contract highs on Thursday and then tumbled, ending sharply lower on the week.
In the livestock complex, live cattle were pressured by the bearish Feb.
19 Cattle on Feed report, and by signs the beef market has topped out.
Plains cash cattle trade was also lackluster, as large supplies of market-ready cattle allowed packers to avoid paying higher prices despite strong operating margins.
Lean hog futures were up on the week, underpinned by solid demand and growing concern about African swine fever in China.
But so far, concerns about the hog herd in China have yet to turn into Chinese demand for U.S.
pork cuts, and U.S.
lean hog futures tumbled late in the week.
Optimism about the economy due to falling Covid cases and promises of economic stimulus have helped to boost commodity prices, while also feeding concern about inflation.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
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