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June 21, 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 | -0.4350 | 5.6625 | 4.1875 |
| Soybeans | -1.2575 | 13.1300 | 9.5325 |
| Wheat | -0.2000 | 6.6575 | 5.6600 |
| Cattle | +1.52 | 121.55 | 108.65 |
| Hogs | -10.30 | 106.68 | 88.98 |
| Cotton | -2.74 | 85.18 | 66.66 |
| Milk | -0.81 | 16.72 | 16.80 |
| Crude Oil | +0.69 | 71.29 | 52.92 |
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Grain and soybean futures fell sharply, tumbling on easing concerns about drought in the Midwest, a lack of fresh demand and outside market pressure that weighed on commodities generally.
The losses accelerated on Thursday, with soybeans dropping a full dollar, before corn and soybeans regained some lost ground on Friday.
While drought remains a significant concern across parts of the northern and western Corn Belt, including Iowa, some of the most dire predictions of a 2012-style drought seemed less likely to come to pass as parts of the northern Plains have seen recent rain and extended forecasts show the potential for "average" rains across the Corn Belt.
Meanwhile domestic demand has softened and recent exports have been lackluster.
Soybean basis levels in the interior U.S.
weakened further on Thursday even as futures plunged.
The pressure on corn spilled over into winter wheat markets, although spring wheat futures held firm on concerns that the spring wheat crop has already sustained significant damage in the northern Plains and Canadian prairies.
Cotton futures also fell sharply, and rice futures made a 10-month low.
Ag markets were to some extent swept up in broader trends impacting commodities, including a surging U.S.
dollar.
Lumber futures have fallen precipitously this month, and crude oil's steady rally to 2 1/2 -year highs showed signs of running out of gas.
Wholesale beef and pork prices also fell sharply, and lean hog futures plummeted.
Nearby live cattle futures were firm as Plains cash cattle prices gained.
Beef packers continue to enjoy enormous margins, even with the decline in beef prices.
That weakness in beef is likely to continue seasonally.
Pork packer margins remain very tight, and are a negative factor for lean hogs.
Feeder cattle futures continue to take their cues from the corn market.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
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