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June 7, 2021
In the News
Registration is now open for NAMA's 2021 Agri-Marketing Conference. View the schedule and speakers.. The next issue of Agri Marketing will feature the Best of NAMA winners! |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.2600 | 6.8275 | 3.2900 |
| Soybeans | +0.5325 | 15.8375 | 8.6775 |
| Wheat | +0.2425 | 6.8775 | 5.2375 |
| Cattle | -0.52 | 118.08 | 97.93 |
| Hogs | +1.25 | 120.60 | 53.58 |
| Cotton | +2.56 | 85.88 | 59.58 |
| Milk | -0.16 | 17.88 | 18.99 |
| Crude Oil | +3.09 | 69.41 | 37.41 |
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Grain and soybean futures were volatile but ended with strong gains after surging on Friday, driven by concern over heat and dryness in the Midwest.
The market is now tied to the forecast and vulnerable to moves on each mid-day weather model update.
One day a wetter update causes a selloff, the next day a drier update causes the market to rally.
But the broader trend is one of concern: Drought, particularly in the western Corn Belt, including Iowa.
Further to the north and west, the Plains saw record-breaking, triple-digit weather over the weekend, adding to the stress on corn and spring wheat crops, and those conditions extend into the Canadian prairies.
Conditions to the south and east are generally better, although there are still some areas of drought elsewhere, particularly Michigan.
The corn market also has support from continued declines in Brazil crop estimates.
The upside for the grains complex was limited by a lack of fresh demand news.
Basis levels are weakening for soybeans.
Cotton futures were higher, underpinned by uncertainty over Texas crop potential.
Crude oil futures surged, boosted by increasing driving demand and signs that OPEC members will remain disciplined as they increase output.
In the livestock complex, the big story of the week was a shutdown of JBS facilities in the U.S.
due to a hacker attack, which various reports are linking to Russia.
JBS lost about a day's worth of production, which altered the wholesale beef and cattle markets, though by Friday it appeared the impact would only be temporary.
Plains cash cattle prices remain in a weeks-long sideways trend.
Wholesale beef prices remain strong and packer margins are enormous.
Lean hog futures rallied, making new contract highs amid strong pork values and expectations for U.S.
hog supplies to remain tight relative to demand into 2022.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
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