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June 14, 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 | +0.1825 | 6.0975 | 3.4375 |
| Soybeans | +0.0325 | 14.3875 | 8.7675 |
| Wheat | -0.0675 | 6.8575 | 5.0575 |
| Cattle | +1.95 | 120.03 | 96.45 |
| Hogs | -0.63 | 119.98 | 52.13 |
| Cotton | +2.04 | 87.92 | 59.49 |
| Milk | -0.32 | 17.54 | 18.91 |
| Crude Oil | +1.30 | 70.92 | 36.34 |
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Grain and soybean futures were mostly higher on the week, underpinned by ongoing heat and dryness in the Midwest, particularly the northwest Corn Belt and northern Plains.
While there was some relief in the northern Plains and corn crop ratings early in the season are generally favorable, subsoil moistures are depleted.
This a big concern headed into the second half of June, and market bulls are talking up comparisons to the disastrous drought year of 2012.
News that the Biden administration is considering easing RFS requirements for refiners weighed on the complex late in the week.
Thursday's USDA report looked friendly for corn, as it raised projected exports and ethanol use.
It did not lower its Brazil corn crop estimate quite as much as expected, however.
Near-term demand has cooled, with soybean buyers in particular backing away, which has pressured basis levels.
The soybean balance sheet still looks very tight heading into 2021-22.
In the wheat complex, the fireworks were mostly in Minneapolis, as spring wheat futures posted an 8-year high on Monday, only to retreat and post a bearish daily reversal, and remain under pressure for the rest of the week as rains in the Dakotas exceeded expectations.
Crude oil rallied to a 2 1/2 -year high, steadily climbing on a bullish demand outlook.
However the bullish story for commodities generally is taking a hit with the sharp retreat in lumber, which has fallen well off its all-time high.
In the livestock complex, lean hog futures slipped after making fresh highs.
Cash hog markets were soft amid slower demand, with packers appearing to have immediate slaughter needs met.
Pork packer margins are thin.
Beef packer margins on the other hand remain enormous, and live cattle futures were firm on the week.
Plains cash cattle trade remained steady, as it has been for several weeks.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
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