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Bryan Goodman Joins NCGA As Director Of Policy Communications
Center For Food Integrity To Host Webinar "Sticker Shock: Rising Food Prices And Food Chain Impacts"
Melissa Palmer Joins Equipment Dealers Assn As Director Of Communications & Marketing

M/A/R/C Research Promotes Brad Seipel To Exec Vice President

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.0900	5.4300	3.3550
Soybeans	-0.4000	13.5175	9.0000
Wheat	-0.0850	6.8400	5.2950
Cattle	+1.55	127.15	104.60
Hogs	+1.88	92.63	51.03
Cotton	-0.27	89.66	61.92
Milk	-0.28	16.51	22.50
Crude Oil	+0.46	72.02	41.07

Grain and soybean futures were on the defensive, retreating amid lackluster demand and a lack of fresh bullish supply news. There are increasing question marks on the demand side of the corn market. The U.S. corn export market remains quiet, and the latest Cattle on Feed report showed liquidation of the beef cow herd that is negative for feed demand prospects. Meanwhile, U.S. ethanol stockpiles are up and ethanol faces increasing challenges from court decisions and political opposition from oil state lawmakers. The downside for the market was limited by heat and dryness in the western Corn Belt, along with excessive rains and major flooding in some key corn-growing areas of China. For soybeans, there are growing questions about China's demand for soybean imports in coming months. Poor crush margins low hog prices and expectations for continued increased feeding of wheat, which will mean lower soymeal demand, is spurring talk that USDA is overestimating China's 2021-22 soybean imports. Losses in the wheat market were modest, but coming after new highs early in the week, the market looks vulnerable technically. Cotton also ended lower, retreating from a new contract high earlier in the week.

In the livestock complex, live cattle futures were firm throughout the week with support from expectations of a friendly Cattle on Feed report on Friday. That report came in friendlier than expected with placements at 92.9% of a year ago, compared to an average analyst estimate of 95.9%. Total cattle on feed were at 98.7%, down from 99.0% that was expected. While futures were firm, Plains cash cattle markets were steady/lower from a week earlier. Lean hog futures were also firm, with support from wholesale pork values that are being boosted by reduced production. Concerns about demand tied to the economy and the Delta Covid variant hang over the market.

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