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June 1, 2021

In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby
Futures
Weekly
Change
Friday's
Close
Year
Ago
Corn-0.02756.56753.2750
Soybeans+0.042515.30508.4700
Wheat-0.10756.63505.1450
Cattle-1.80115.88101.18
Hogs+2.80119.3555.65
Cotton-0.7082.1257.57
Milk-0.8517.2817.90
Crude Oil+2.7866.3633.71
This corn market this week was a wild ride, with the market dropping limit down on Tuesday, only to rebound sharply on Thursday and rally limit up. Weather forecasts are a central focus, along with Chinese demand. Much of the Corn Belt appears to be in good shape on soil moisture for now, and initial crop ratings are likely to be good. But worries about drought in the northwest part of the region will keep traders from getting too comfortable about crop prospects. Below normal rainfall is expected in the northwest Corn Belt in the first half of June, along with above-normal temperatures across the Corn Belt. There is also sill a growing anticipation that a short second-crop in Brazil will boost export demand for U.S. corn later this summer and fall. Midwest weather and crop prospects are also a focus for the soybean market. Along with the weather, speculation about planted acreage and the June 30 USDA report will be a theme this month. Wheat futures had pressure during the week from corn, comfortable world supplies and expectations for the winter wheat harvest to swing into gear in June. Cotton futures were pressured by a firm U.S. dollar, but losses were limited despite some helpful rain in drought-plagued West Texas.


Crude oil futures surged ahead of an OPEC meeting this week, with bullishness also driven by U.S. drivers, who pushed gasoline demand ahead of 2019 levels for the first time since the pandemic started. Optimism about the U.S. economy is also supporting livestock futures. Lean hogs rallied to new contract highs. A federal policy decision that may slow production speeds at slaughter plants may have provided some support. Live cattle futures failed to gain any traction. Despite phenomenal packer margins, Plains cash prices have been in a holding pattern for several weeks.

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