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August 16, 2021
In the News
The next issue of Agri Marketing will include the annual Farm Show Guide and an update on Farm Broadcasting. To schedule your 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 | +0.1650 | 5.7300 | 3.3875 |
| Soybeans | +0.2825 | 13.6500 | 8.9950 |
| Wheat | +0.4325 | 7.6225 | 4.9675 |
| Cattle | +0.25 | 128.13 | 110.15 |
| Hogs | -1.07 | 86.53 | 52.35 |
| Cotton | +2.62 | 94.32 | 62.99 |
| Milk | +1.11 | 17.60 | 16.59 |
| Crude Oil | -0.23 | 68.05 | 42.24 |
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Grain and soybean futures were propelled by the monthly USDA report, which included the first survey-based yield estimates of the season.
Probably the biggest surprise from USDA was its aggressive cut to expected corn production, as the agency lowered its yield estimate to 174.6 bushels per acre, from 179.5 previously.
The cut was larger than expected.
USDA noted record yields are expected in Illinois, Indiana and Ohio, but that was offset by poor crops in South Dakota and Minnesota.
USDA lowered its soybean yield estimate to 50.0 bushels pe acre, from 50.8 last month, but the lower production was offset by demand reductions.
Both corn and soybeans surged to multi-week highs.
USDA reported fresh soybean export sales every day last week to either China or "unknown" destinations.
Wheat meanwhile soared to new contract highs, boosted by huge cuts made by USDA to its Russian and Canadian wheat crop estimates, as well as lower-than-expected U.S.
wheat output.
Cotton futures also continued to surge to new contract highs, with a friendly USDA report providing a boost late in the week.
Grains traders are now watching for more private crop estimates, as U.S.
weather starts to play less of a factor.
The economic outlook is being clouded by the spread of the Delta variant and rising Covid cases in China, which could hurt demand.
In the livestock complex, nearby live cattle futures were only up slightly, as huge gains in packer margins have not translated into strength in Plains cash cattle prices.
Wholesale beef prices soared during the week, sending already enormous packer margins higher.
But most cash cattle trade was flat from the prior week.
Lean hog futures.
Although hog slaughter is starting to increase seasonally, the increases are small so far and production continues to run well below last year amid much lower weekend slaughter numbers.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
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