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August 2, 2021
In the News
The next issue of Agri Marketing will include the annual Farm Show directory. To schedule your show's ad contact Audrey Evans at AudreyE@AgriMarketing.com. |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.0225 | 5.4525 | 3.2675 |
| Soybeans | -0.0250 | 13.4925 | 8.8825 |
| Wheat | +0.1975 | 7.0375 | 5.2950 |
| Cattle | +0.05 | 127.20 | 106.75 |
| Hogs | -4.60 | 88.03 | 48.33 |
| Cotton | -0.27 | 89.39 | 63.18 |
| Milk | -0.23 | 16.24 | 20.80 |
| Crude Oil | +1.80 | 73.87 | 39.92 |
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Corn was strong early in the week but had given back most of those gains by Friday, amid technical indications the market has made a top and waning influence from the weather forecast on prices, as most of the crop has gone through the key pollination stage.
Soybean futures sold off to end the month, and were down slightly on the week, with pressure from rains in parts of the western Midwest and cooler temperatures across the region.
Sharp losses in soybean oil also weighed on soybeans.
Unlike corn, the key soybean development period is still happening, which could keep the market choppy.
Wheat futures were strong, with Chicago and Kansas City hitting their highest levels in nearly three months.
Although Minneapolis spring wheat didn't make new contract highs, the crop disaster across North American spring wheat areas remains a supportive factor for the wheat complex.
Cotton futures were down on the week amid favorable U.S.
crop conditions.
Dec.
cotton posted a disappointing close below 90 cents on Friday, but the market remains in an uptrend.
In the rice market, most-active September futures posted its lowest weekly close in nearly three months.
In the livestock complex, lean hog futures fell sharply.
Technically, various hog contracts posted bearish weekly reversals lower.
The hog market right now is filled with uncertainty on both the supply and demand sides due to numerous fundamental factors.
Improved packer operating margins could boost packer demand for hogs, but hog supplies should be set to start expanding seasonally.
Live cattle futures were flat, with apparent pressure from disappointing packer demand and Plains cash markets weighing late in the week, after early-week gains on the monthly Cattle on Feed report.
Beef prices, however, were strong.
Feeder cattle futures made new contract highs before retreating.
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