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May 9, 2022
In the News
The next issue of Agri Marketing will include Salutes to NAMA Leader honorees Kent Harrison, Tyson Foods; Lisa Homer, FMC, and Kasey Cronquist, U.S. Blueberry Council. To scheduled your Congratulatory ad contact Audrey Evans: AudreyE@AgriMarketing.com
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.2875 | 7.8475 | 7.1875 |
| Soybeans | -0.6275 | 16.2200 | 15.6950 |
| Wheat | +0.5275 | 11.0850 | 7.5325 |
| Cattle | +0.10 | 132.75 | 115.48 |
| Hogs | -2.27 | 104.10 | 114.48 |
| Cotton | -2.02 | 143.61 | 90.58 |
| Milk | -0.10 | 24.39 | 19.01 |
| Crude Oil | +5.70 | 110.39 | 64.71 |
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Corn and soybean futures were down on the week, pressured by demand concerns tied to the economy and an improved planting weather outlook for corn.
While corn planting has gotten off to its slowest start since 2013, forecasts showed much-improved conditions this week, with warmer and drier air expected to enable significant planting progress.
Wheat futures, meanwhile, rallied, due in large part to declining crop estimates in India, which has endured a historic spring heat wave.
The reduced expectations for Indian wheat production and exports has helped feed more concern about global food security, with Ukraine's wheat export capability still severely hindered.
Drought in the Plains has been another supportive factor for wheat, though rains in the past week will help limit further losses to hard red winter wheat yields.
Cotton futures stumbled, retreating from contract highs late in the week.
Drought in West Texas remains a source of underlying support for cotton, however.
Outside markets were volatile, due in part to reaction to the Fed's monthly meeting and policy announcement.
The dollar index continues to make fresh 20-year highs, which is negative for commodities.
Crude oil did post a weekly gain, but the stock market was down sharply.
In the livestock complex, lean hog futures continued to collapse early this week as demand worries mounted amid negative packer margins, rising U.S.
interest rates and bearish economic news out of China.
Technically-driven long liquidation/selling also mounted.
Futures staged a rally at midweek after becoming severely oversold on technical indicators, but sold off again on Friday.
Poor U.S.
pork export sales are one of the major negative factors pressuring hog futures.
Live cattle futures rallied to start the week on support from firm Plains cash markets, but the strength was short-lived as rising U.S.
interest rates and weak wholesale beef prices continued to spur demand worries.
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