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January 31, 2022
In the News
The next issue of Agri Marketing will include updates on the Dairy and Fruits & Vegetable markets. 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 | +0.1975 | 6.3600 | 5.3450 |
| Soybeans | +0.5575 | 14.7000 | 13.5325 |
| Wheat | +0.0625 | 7.8625 | 6.4700 |
| Cattle | +1.00 | 143.10 | 122.70 |
| Hogs | -0.03 | 94.93 | 76.38 |
| Cotton | +3.01 | 123.76 | 79.93 |
| Milk | -0.43 | 21.32 | 16.72 |
| Crude Oil | +1.90 | 87.04 | 52.34 |
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It was an explosive week for corn and especially soybeans.
Soybean futures drove to new contract highs, with reduced South American crop estimates feeding expectations that export demand for U.S.
beans will get a boost.
The market also had support from soybean oil which in turn was boosted by palm oil.
While crop estimates for South America have declined, the weather outlook for Brazil and Argentina has turned more favorable, which should limit further crop damage.
Corn futures followed soybeans, and had its own support from strong export demand and prospects for a winter storm to disrupt Midwest grain movement this week.
Wheat remained highly volatile, as traders tried to track the latest in Russian/Ukraine tensions and the possibility Russia is about to invade its neighbor.
Cotton futures continued to soar, making new contract highs and a 10 1/2 -year high on a front-month basis.
Support for cotton is coming from strong export demand.
Continued strength in crude oil, which made a fresh 7 1/2 -year high, was also supportive for cotton.
In the livestock complex, live cattle started the week by making a 2 1/2 -month low on the prior week's Cattle-on-Feed report, but the market quickly recovered, impressively so given the weakness in U.S.
stock markets and the outlook for rising interest rates.
Strong U.S.
GDP growth data likely limited demand worries.
Feeder cattle futures were pressured throughout the week by strong corn prices, but were underpinned by the strong fed cattle market and tightening feeder supplies.
Lean hog futures continued higher to start the week, fueled by tight hog supplies, continued strong pork demand and technical buying.
News that the implementation of California's Proposition 12 was being delayed boosted demand sentiment.
But futures became overheated and suffered reversals Wednesday and Thursday.
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