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April 12, 2021
In the News
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.1750 | 5.7725 | 3.3175 |
| Soybeans | +0.0100 | 14.0300 | 8.6350 |
| Wheat | +0.2775 | 6.3875 | 5.5650 |
| Cattle | +0.03 | 122.58 | 84.38 |
| Hogs | +2.63 | 108.95 | 48.68 |
| Cotton | +4.45 | 82.40 | 54.37 |
| Milk | +0.93 | 19.38 | 11.43 |
| Crude Oil | -2.13 | 59.32 | 22.76 |
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Grain and soybean futures surged, amid broad strength in commodities and expectations of a reduction in USDA's corn carryout estimate.
The rally pushed corn to new contract highs and also drove gains in wheat, cotton and soybeans.
For corn, USDA on Friday slashed its 2020-21 corn carryout by 150 million bushels, more than the trade expected.
Increased export, feed and ethanol demand projections were behind the carryout reduction.
The corn market may have already factored that in, however, as it pulled back on Friday after the report.
USDA left its domestic balance sheet for soybeans unchanged at a very tight 120 million bushels, although its crop estimates for Argentina and Brazil were larger than expected.
Attention is now on U.S.
planting and the Midwest weather outlook, which is pointing to generally favorable conditions which could further boost acreage.
The wheat market rallied on the strength in corn, and concern about spring wheat acreage in the drought-plagued northern Plains.
Also USDA slashed its world wheat supply estimate by more than expected.
Cotton futures rallied on concern about extreme drought in some key West Texas counties, and was helped by a friendly USDA report on Friday.
Crude oil struggled on the week, as fuel demand data remains disappointing despite many signs of the U.S.
economy moving closer back to normal.
Equities rallied, with the S+P 500 making a new all-time high.
Bullishness on the economy also helped drive livestock futures higher.
Live cattle gained amid soaring wholesale beef prices.
The Choice cutout value soared $34.10 or 25% during the two-week period ended Thursday.
The beef strength pushed packer margins to new highs despite rising cattle prices.
Plains cash cattle prices were up by at least $3 from the prior week.
Lean hog futures also surged, making new contract highs amid strong wholesale pork values.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
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