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July 6, 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 | +0.6050 | 5.7975 | 3.5350 |
| Soybeans | +1.2925 | 13.9900 | 8.9675 |
| Wheat | +0.1200 | 6.5275 | 4.9200 |
| Cattle | -0.80 | 122.00 | 99.40 |
| Hogs | +0.45 | 100.23 | 49.20 |
| Cotton | -0.21 | 86.97 | 62.95 |
| Milk | +0.11 | 16.74 | 20.95 |
| Crude Oil | +1.19 | 75.24 | 40.65 |
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Grain and soybean futures were propelled by a bullish June acreage report from USDA on Wednesday.
USDA reported corn acres at 92.692 million, up from 91.144 in the March planting intentions report, but well below the average analyst estimate of 93.8 million.
Soybean acreage of 87.555 million was actually down slightly from 87.600 million in March, and well below the average analyst estimate of 88.96 million.
The report did not imply that corn or soybeans lost acreage to other crops, as cotton, sorghum, barley and oats were all below expectations as well.
Weather forecasts have been a split affair, with hot, dry conditions in the northwestern Corn Belt largely offset by favorable conditions across most of the rest of the Midwest.
Weather should remain a key driver for the corn market in the near-term, with soybeans less sensitive to weather as the the key growing period for soybeans still several weeks away.
The drought in the northwest Corn Belt extending across the Plains into the Pacific Northwest helped drive spring wheat futures to new contract highs, while winter wheat futures posted modest weekly gains.
In the livestock complex, lean hog futures had an extremely choppy week as the recent USDA Hogs and Pigs report, corn price gyrations and African Swine Fever rumors all contributed to significant prices swings.
In the end, the front-end futures contracts showed little change for the week, while deferred contracts moved higher on support from prospects for lower U.S.
hog production amid continued liquidation of the sow herd.
Front-end live cattle futures continued to chop sideways this week as a supportive USDA Cattle-on-Feed report was offset by disappointing cash trade and continued weakness in wholesale beef prices.
Deferred live cattle futures, however, rose to new contract highs amid expectations for tighter fed cattle supplies next year.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
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