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February 14, 2022
In the News
Two important events to attend: March 22-- Nat'l Ag Day in Washington DC. For more info click here. April 6-8-- NAMA's Agri-Marketing Conference. For more info click here. |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.3050 | 6.5100 | 5.4100 |
| Soybeans | +0.2950 | 15.8300 | 13.6750 |
| Wheat | +0.3400 | 8.0400 | 6.3900 |
| Cattle | -0.70 | 146.18 | 123.13 |
| Hogs | +2.15 | 102.23 | 84.25 |
| Cotton | -1.08 | 122.91 | 87.87 |
| Milk | +0.77 | 22.43 | 17.03 |
| Crude Oil | +1.39 | 93.70 | 58.24 |
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Grain and soybean futures soared again, with corn and soybeans making new contract highs on deteriorating South American crop estimates and strong soybean export demand.
Neither trend was actually reflected much in the Supply and Demand report issued by USDA at mid-week.
That report left the domestic corn balance sheet completely unchanged, while raising the expected soybean crush modestly.
USDA reduced its crop estimates for Brazil and Argentina, but not as much as expected.
Nonetheless, estimates out of South America continue to drop and the grains complex surged into Thursday.
Cotton futures also made a new contract high in new crop December, although the National Cotton Council's annual acreage survey, showing expectations for a 7.3% increase in 2022 U.S.
acres, could limit further upside.
The grain and oilseed complex was on the defensive on Friday but got a boost later in the day by reports that a Russian invasion of Ukraine was indeed imminent.
The situation there has introduced "headline risk" and trade that has been highly volatile at times.
In the energy complex, crude oil futures were higher, with support from disappearing Covid restrictions and increasing fuel demand.
Distillates demand in particular has been strong, and stockpiles are at multi-year lows.
In the livestock complex, it was a mixed week for live cattle futures with support from firm cash cattle prices offset by pressure from a weaker wholesale beef market.
Futures pushed to new contract highs at midweek, but then slumped on profit taking with most-active April, June and Aug.
contracts ending the week slightly lower.
February live cattle futures traded to a new 6 1/2 -year high for nearby futures before retreating.
Lean hog futures made new contract highs, as cash prices continued to rise with concern about tight hog supplies.
Futures retreated late in the week, however.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
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