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May 16, 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 schedule 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 | -0.0350 | 7.8125 | 6.7475 |
| Soybeans | +0.2450 | 16.4650 | 15.8400 |
| Wheat | +0.6900 | 11.7750 | 7.0150 |
| Cattle | -3.00 | 132.35 | 119.40 |
| Hogs | -3.35 | 100.75 | 110.10 |
| Cotton | +1.59 | 145.20 | 84.98 |
| Milk | -0.67 | 23.79 | 19.62 |
| Crude Oil | +0.57 | 110.34 | 63.82 |
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Grain and oilseed futures were mostly higher, led by wheat, which rallied to new contract highs on concern about global food security, U.S.
production challenges, and a bullish monthly USDA Supply and Demand report.
Expectations for U.S.
hard red winter wheat have been steadily declining due to heat and dryness in the central and southern Plains, while in the northern Plains the issue has been too much moisture slowing spring wheat planting.
Significantly reduced Ukrainian export capacity is supporting wheat prices globally, as buyers worry about available supplies.
Meanwhile crop damage in India has prompted export restrictions there, and the outlook for France's crop is starting to deteriorate due to heat stress.
At the same time, however, export demand for U.S.
wheat remains lackluster.
Corn was pressured by much-improved weather in the Corn Belt which allowed for rapid planting progress, though planting is still well behind the average pace.
USDA on Thursday lowered the projected trend line corn yield, a highly unusual move for the May report, due to the slow planting pace.
Cotton futures surged with ongoing support from the severe drought in West Texas.
Rice futures were boosted by global food security concerns.
Crude oil was underpinned by supply concerns tied to Russia.
Gasoline and diesel prices were hitting new all-time highs every day during the week.
Lean hogs tumbled under pressure from demand worries, larger-than-expected hog supplies and technically-driven selling/long liquidation.
Declining wholesale pork prices, negative packer operating margins, poor U.S.
pork export sales and fears the U.S.
economy is headed into recession all weighed.
Live cattle futures fell as ample fed cattle supplies outweighed support from mostly firm cash cattle prices, driving futures to multi-month lows.
Feeder cattle futures came under pressure from both weak live cattle prices and renewed corn market strength.
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