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May 2, 2022
In the News
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.2450 | 8.1350 | 6.4825 |
| Soybeans | -0.0325 | 16.8475 | 15.0225 |
| Wheat | -0.1950 | 10.5575 | 7.2900 |
| Cattle | -5.78 | 132.65 | 116.05 |
| Hogs | -12.40 | 106.38 | 106.73 |
| Cotton | +9.78 | 145.63 | 86.54 |
| Milk | -0.08 | 24.47 | 19.22 |
| Crude Oil | +2.64 | 104.71 | 65.01 |
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Grain and soybean futures were mixed on the week, with corn rallying further on Midwest planting delays and demand from China.
U.S.
corn planting is off to its slowest start since 2013, with forecasts for the first half of May looking uncertain.
Soybean futures were lower, as corn planting delays have the potential to lead to more switching to soybeans.
Wheat was down on the week, pressured by much-needed rain in parts of the central Plains, including parts of Nebraska and Kansas, providing some badly needed drought relief.
However the hard red winter wheat crop in the southwest Plains has already taken a significant hit.
In the northern Plains meanwhile, spring wheat planting is being pushed back by winter weather.
Export demand for U.S.
wheat remains disappointing, despite the concerns about the war in Ukraine and how that is affecting global grain supplies.
Those concerns helped to drive rice futures to a new two-year high.
Rice is also supported by a very slow start to planting in the Mid-South.
Cotton futures once again rocketed higher, making a new 11-year high with support from mull-buying and the drought in West Texas.
Financial markets were active, and the U.S.
dollar index soared to a 20-year high, with investors seeking safe havens amid growing concerns about a recession.
The stock market had its worst month in two years.
In the livestock complex, lean hog futures tumbled under heavy pressure from demand worries spurred by falling wholesale pork prices, negative packer operating margins and concern about how inflation will impact demand.
Live cattle futures were also lower, pressured at the start of the week by the bearing April 22 Cattle on Feed report, and at the end of the week by demand concerns and weaker wholesale beef prices.
Despite the weakness in futures, cash markets remained firm.
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