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August 23, 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 | -0.3600 | 5.3700 | 3.3925 |
| Soybeans | -0.7425 | 12.9075 | 9.0525 |
| Wheat | -0.4600 | 7.2825 | 5.5850 |
| Cattle | +0.93 | 129.05 | 109.78 |
| Hogs | +2.10 | 88.63 | 55.18 |
| Cotton | -1.22 | 93.10 | 64.52 |
| Milk | -0.51 | 17.11 | 15.04 |
| Crude Oil | -6.21 | 62.00 | 42.82 |
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It was an ugly week for the grain and oilseeds complex, which tumbled amid worries about demand tied to the economy, better-than-expected Pro Farmer crop tour findings and outside market pressure.
The complex started the week on the defensive after closely poorly the previous week, and the pressure did not let up.
A surging U.S.
dollar index and tumbling crude oil helped set a negative tone for the complex, and the continued spread of the Delta variant fueled concern about the economic recovery in the U.S.
and demand in China.
Meanwhile the crop tour found impressive corn crops in Ohio, Indiana and Nebraska, while Iowa and Minnesota appeared better than expected given the problems with drought all season.
Soybean crop potential got a lift from rains in the northwest Corn Belt, and on the demand front NOPA's monthly crush report was disappointing.
Ethanol demand has stagnated and and corn exports are sluggish.
Wheat futures also fell sharply, on outside market pressure and a lack of fresh bullish news.
Cotton made new contract highs but then retreated sharply, although it still remains in its longer-term uptrend.
In the livestock complex, live cattle futures were higher, as soaring wholesale beef prices overshadowed demand concerns tied to the economy.
Plains cash cattle prices were firm, and tightening cattle supplies are likely to continue to push cash prices higher, even though wholesale beef prices may be nearing another major top.
Packers can absorb a lot of beef market weakness, given their current hugely profitable operating margins that approached $1,000 per head at the end of the week.
Friday's Cattle on Feed report pegged the Aug.
1 feedlot inventory at 98.1%, slightly below the average trade estimate of 98.3%, and put July feedlot placements at 91.9%, toward the low end of expectations.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
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