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May 17, 2021
In the News
Registration is now open for NAMA's 2021 Agri-Marketing Conference. To view schedule and speakers click here and access the Events section. |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.8850 | 6.4375 | 3.1750 |
| Soybeans | -0.0350 | 15.8625 | 8.3700 |
| Wheat | -0.5450 | 7.0725 | 5.0225 |
| Cattle | -0.73 | 115.30 | 94.13 |
| Hogs | -4.13 | 108.73 | 58.75 |
| Cotton | -7.23 | 82.43 | 57.85 |
| Milk | +0.49 | 19.38 | 16.10 |
| Crude Oil | +0.43 | 65.33 | 27.56 |
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After a prolonged rally, grain futures started falling back to earth, with corn leading the way lower under pressure from technically-driven long liquidation, increased farmer selling in the cash market and expectations for U.S.
corn acres to significantly exceed USDA's planting intentions estimate.
The drop in corn was significant enough to feed expectations the market has set a top, as prices fell even amid several large Chinese purchases of U.S.
corn.
A private firm's corn acreage estimate added to the pressure on prices, and the expectations for increased acreage are backed up by Midwest weather conditions, which have been largely favorable this spring.
Corn was joined by wheat futures in falling sharply.
Forecasts calling for a wet weather pattern in the Upper Midwest and western Corn Belt in the second half of May weighed on both markets.
But while corn was tumbling, soybeans held firm by comparison, propped in part by a more subdued acreage outlook.
Cotton futures tumbled amid pressure from forecasts calling for some badly needed moisture in West Texas, though the crop outlook there is still questionable.
Rice futures were under pressure as well.
USDA's Supply and Demand report on Wednesday offered the first domestic carryout estimates for the 2021-22 marketing year.
While it did not include big surprises, its corn carryout projection was higher than expected, while soybean stocks are expected to remain uncomfortably tight.
In the livestock complex, lean hog futures came under pressure from signs the cash hog market might be topping seasonally.
Stronger wholesale pork prices were a supportive market factor, but poor weekly U.S.
pork export sales appeared to raise some demand questions even though USDA raised its 2021 U.S.
pork export forecast on Wednesday.
It was a wild week for live cattle futures, as nearby months moved to one-month highs while back-end months made new contract highs before collapsing on Thursday.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
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