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July 12, 2021
In the News
Registration is still open for NAMA's 2021 Agri-Marketing Conference. View the schedule and speakers. Stop by Agri Marketing's booth next week and say hi!
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WEEKLY COMMODITY HIGHLIGHTS
Nearby Futures | Weekly Change | Friday's Close | Year Ago |
Corn | -0.6750 | 6.2975 | 3.4050 |
Soybeans | -0.4775 | 14.04 | 8.9150 |
Wheat | -0.3725 | 6.0850 | 5.3575 |
Cattle | -3.15 | 118.85 | 100.00 |
Hogs | +2.35 | 111.00 | 49.975 |
Cotton | +1.96 | 87.99 | 64.71 |
Milk | +0.06 | 16.85 | 24.20 |
Crude Oil | -0.60 | 74.56 | 40.55 |
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Corn futures tumbled, with the selloff sparked by favorable growing weather in most of the Corn Belt and forecasts calling for favorable growing weather.
Mild temperatures and ample rainfall headed into the key pollination period could set the stage for large crops in much of the Midwest, although the northwest Corn Belt remains too dry and a source of concern.
December corn posted its lowest weekly close in three months.
Soybeans also fell, although losses were limited by tight old-crop supplies and the fact the key period for the soybean crop is still a few weeks off, with extended forecasts calling for a return of hot weather in late July.
Wheat futures were lower, with the greatest losses in Chicago.
Drought in the northern Plains and its affect on the spring wheat crop limited the downside in Minneapolis, and K.C.
wheat losses were limited by a sloppy harvest in some areas.
Prospects for large crops in Europe are helping to limit the demand for U.S.
wheat.
Cotton futures held firm despite the losses in the grain and oilseed complex, amid technical support, solid weekly export sales, and ideas that USDA's acreage estimate remains too high.
Crude oil futures were slightly lower in a volatile week.
In the livestock complex, live cattle futures were weaker amid lower Plains cash cattle prices that were down as much as $3 from the prior week.
Wholesale beef prices also continued to drop, feeding concerns about demand.
Packer margins remain huge despite the weaker beef prices.
Lean hog futures rallied, with support late in the week from strong pork export sales, including sales to China.
Pork values were supported by holiday-reduced production, but it was unclear how well it will hold up as packers return to a full slaughter schedule. Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
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