In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0800	7.6450	5.4925
Soybeans	+0.1450	16.9075	14.1575
Wheat	-2.58	10.90	6.32
Cattle	+1.55	137.30	118.40
Hogs	+1.0230	102.725	91.40
Cotton	-0.61	121.03	87.14
Milk	+0.70	22.35	16.36
Crude Oil	-6.35	109.33	65.61

Grain and soybean futures were mixed in another wild week, particularly for wheat. Wheat surged to another record high to start the week, and then spent most of the rest of the week in sharp retreat amid speculative selling as traders tried to make sense of the war in Ukraine. The war continued to intensify, with no sign of a cease-fire imminent and no grain exports coming out of Ukraine. Russian exports are also threatened, though by the end of the week some wheat exports out of Russian Black Sea ports were resuming. Concerns about global food security have risen, due not only to the halt to exports, but also the worry that with each passing day, Ukraine's ability to grow a normal crop this year diminishes. Corn and soybean futures were up on the week, with support from strong export demand and a USDA report on Wednesday that cut projected 2021-22 ending stocks. Cotton futures were firm, but the price strength is threatened by surging Covid cases in China, and lockdowns that could hurt demand. Crude oil futures were lower, retreating from a 14-year high.

In the livestock complex, both lean hogs and live cattle futures were up on the week. Lean hog futures started out the week on the defensive, but finished the week strongly. Tight U.S. hog supplies and prospects for supplies to decline further into summer underpinned prices against pressure from outside markets and weak packer operating margins. Technically, lean hog futures ended the week looking very strong. Live cattle and feeder cattle futures started out the week moving higher on support from speculative bargain hunting and short covering spurred by oversold technical conditions. Live cattle futures set back at midweek, but finished the week well amid improved cash cattle movement and signs wholesale beef prices may be bottoming.

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