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March 7, 2022
In the News
The next issue of Agri Marketing will include the Best of NAMA winners 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 | +0.9850 | 7.5425 | 5.3250 |
| Soybeans | +0.7600 | 16.6050 | 14.1050 |
| Wheat | +3.4925 | 12.0900 | 6.5100 |
| Cattle | -6.15 | 135.78 | 118.55 |
| Hogs | -3.22 | 100.45 | 87.30 |
| Cotton | -2.21 | 116.42 | 87.14 |
| Milk | +0.66 | 22.56 | 16.22 |
| Crude Oil | +23.54 | 115.13 | 63.83 |
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Another historic week, geopolitically and in the world of commodities, as prices soared on the Russian invasion of Ukraine.
Wheat futures lead the way, rocketing higher and spending much of the week locked limit up as traders try to gauge the impact of the war and its disruption to grain shipments, and possibly planting this year.
On a front-month basis, Chicago wheat posted an all-time high.
Corn futures also surged, to new contract highs.
Soybeans were higher but did not make new highs.
Rice futures surged, like wheat underpinned by its status as a food staple.
Soaring prices and the war have started to raise concern about global food security.
All indications now are that the war in Ukraine will go on for an extended period, and that there will be no near-term return to "normal." The rest of the world will have to pick up the slack in terms of global grain supplies, but China is warning of poor winter wheat conditions and here in the U.S., drought in the Plains is casting a growing shadow over hard red winter wheat crop potential.
Along with the grains, crude oil soared, to a 14-year high, as various countries are considering cutting off Russian crude completely.
This will add to inflation concerns, and to worry about the economy.
That was negative for livestock futures.
Lean hog futures tumbled, ending limit-down on Friday, amid demand concerns.
Live cattle futures were also under pressure.
Wholesale beef values have come down to levels where they may be near a bottom.
Increased beef featuring by retailers should be boosting product movement and a seasonal demand increase ahead of grilling season can still be expected.
Longer-term, the outlook is for tightening cattle supplies after this spring with liquidation of the U.S.
cattle herd continuing.
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