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.

Rabo Carbon Bank Launches First U.S. Pilot with Rabo AgriFinance Clients
RFA: Simple Action By EPA Can Help Reduce Hurricane Ida's Fuel Price Shock
NPPC Applauds USDA For Pre-Emptive Designation Of Puerto Rico/U.S. Virgin Aslands As ASF Protection

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.1675	5.5375	3.5850
Soybeans	+0.3250	13.2325	9.4200
Wheat	+0.0425	7.3250	5.5075
Cattle	+0.07	129.13	106.15
Hogs	+2.10	90.73	55.73
Cotton	+1.74	94.84	65.37
Milk	-0.43	16.62	17.35
Crude Oil	+6.53	68.67	43.04

Grain and soybean futures were up on the week, propelled by solid export demand, uncertainty about U.S. production potential and supportive outside markets. Late in the week the market had added support from the approach of Hurricane Ida, which threatened to disrupt the crude oil industry along with agricultural transportation. Export sales for corn have started to pick up, and have remained consistent for soybeans. Longer-term, the growing likelihood of a La Nina weather pattern extending through the South American growing season is a supportive factor for corn and soybeans, and high input costs are feeding ideas that U.S. acres could shift away from corn in 2022. Wheat was underpinned by declining crop estimates in Russia and Canada. Recent rains in the northern U.S. Plains come too late to help the spring wheat crop, but the relief is welcome long-term, and could give soybeans yields a late boost in the northwest Corn Belt. Cotton futures rallied on the threat of Ida on the Delta region, uneasiness about the West Texas crop, and outside markets.

That outside market support for the ag complex including a plummeting U.S. dollar, which fell after Fed Chair Jerome Powell gave a speech in Jackson Hole, Wyo. that was more dovish than expected. Meanwhile crude oil futures posted a bullish technical reversal off of multi-month lows, with gains driven in part by Ida. Major equity indexes continued to make new highs as stock market investors appear to shrug off, or look beyond, the ongoing impact of the Delta variant. In the livestock complex, lean hog futures rallied and made multi-week highs, with gains from sharply higher wholesale pork values and firm cash markets. Meanwhile seasonal weakness in wholesale beef prices weighed on live cattle futures. Beef packer margins remain enormous, however.

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