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March 28, 2022
In the News
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.1225 | 7.5400 | 5.4650 |
| Soybeans | +0.4225 | 17.1025 | 13.9225 |
| Wheat | +0.3850 | 11.0225 | 6.3050 |
| Cattle | +0.30 | 137.38 | 119.65 |
| Hogs | +9.78 | 125.85 | 100.03 |
| Cotton | +9.04 | 135.90 | 85.45 |
| Milk | +0.81 | 24.24 | 17.34 |
| Crude Oil | +10.51 | 113.60 | 60.06 |
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Grain and soybean futures were higher, underpinned by solid export demand and ongoing concerns about global supplies due to the war in Ukraine.
The initial wave of demand spurred by the halt to Ukraine's corn exports appears to have now moved through the market and old-crop U.S.
supplies are still looking adequate.
But there is still plenty of uncertainty about U.S.
acreage and Brazilian production.
Traders were starting to position for the March 31 USDA reports on quarterly Grain Stocks and Prospective Plantings.
The trade is expecting a modest decline in corn acreage and an increase in soybean acreage, driven by soybeans' increased profitability and fertilizer costs that continue to soar.
Extended weather forecasts show a chilly first half of April throughout the Midwest, which could keep early planting sluggish.
Much-welcome rains in the Plains last week should boost prospects for the hard red winter wheat crop, though drought is still a factor.
The biggest gainer on the week was cotton, which soared to new contract highs on mill-buying and strong export demand.
Surging crude oil prices were also supportive.
On a front-month basis, cotton futures made an 11-year high.
In the livestock complex, after selling off late the prior week, lean hog futures came roaring back on renewed support from tight hog supplies and cash hog/wholesale pork price strength.
Deferred futures surged to new contract highs as traders anticipated hog supplies will continue to tighten seasonally into mid-summer.
Ideas the USDA quarterly Hogs and Pigs report due out March 30 will show little herd expansion also likely helped boost prices further.
Live cattle futures headed lower the first half of the week, but rebounded amid mostly steady Plains cash trade and finished steady-to-slightly higher for the week.
Cattle movement was strong as packers are keeping up an active slaughter pace.
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