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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.1575 | 6.5950 | 3.1775 |
| Soybeans | -0.6000 | 15.2625 | 8.3500 |
| Wheat | -0.3300 | 6.7425 | 5.1600 |
| Cattle | +2.38 | 117.68 | 98.80 |
| Hogs | +5.50 | 114.23 | 59.35 |
| Cotton | +0.39 | 82.82 | 58.06 |
| Milk | -1.23 | 18.13 | 17.63 |
| Crude Oil | -1.55 | 63.81 | 33.92 |
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It was largely a week of stabilization for corn futures in the wake of the prior week's sharp market collapse.
Favorable Midwest weather including some relief for drought-plagued areas of the Corn Belt hung over the market, while the downside was limited by more large export sales to China.
Initial crop ratings for corn, expected to come out after Memorial Day, are likely to be strong, feeding expectations of a large crop.
This market has likely put in a major top, with attitudes of end users toward crop potential having changed, which will change buying patterns.
Soybean planting is at a near-record pace, and traders expect planted acreage to be well above March planting intentions for corn and soybeans.
The sharp weekly drop in soybeans was also driven by soybean meal, as nearby July meal futures posted weekly close below $400.00 for the first time in five months.
Also soyoil futures posted a lower week for the first time in seven weeks.
Wheat futures fell sharply, with pressure from the Kansas wheat tour, which projected record hard red winter wheat yields.
Cotton futures were up slightly, with support from the continued drought in West Texas.
In the livestock complex, live cattle futures were bolstered by continued, surprising strength in wholesale beef prices, firm cash cattle trade, and phenomenal packer margins.
The past week's beef movement was relatively good, but packer demand in the coming week will be limited by Memorial Day slaughter plant closures.
The huge packer margins, which have been above $700 per head for weeks, are attracting more attention from legislators and criticism from some industry groups.
Lean hog futures were higher amid solid pork demand.
Optimism about the U.S.
economy as Covid cases continue to drop, and the prospect of a "return to normal" this summer, bodes well for meat demand.
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