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May 23, 2022
In the News
Be sure to register and attend the Ag Relations Council's (ARC) annual meeting. June 21-23, Milwaukee WI. For more information click here. |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.0250 | 7.7875 | 6.6450 |
| Soybeans | +0.5875 | 17.0525 | 15.3325 |
| Wheat | -0.0875 | 11.6875 | 6.7525 |
| Cattle | -0.80 | 131.55 | 119.88 |
| Hogs | +7.80 | 109.00 | 113.55 |
| Cotton | -2.93 | 142.27 | 81.53 |
| Milk | +0.58 | 24.41 | 18.34 |
| Crude Oil | +1.30 | 109.93 | 61.94 |
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Grain and soybean futures were mixed on the week, with corn and wheat retreating after early strength amid concerns about demand and favorable planting weather for corn.
Corn retreated after making a new contract high to start the week.
Wheat was up sharply to start the week on news that India was banning wheat exports, but the market subsequently faded, partially due to optimism about a plan to revive exports out of Ukraine.
Soybeans were strong, posting new weekly high closes, with support from concerns about planting prospects in Minnesota and into the Dakotas.
Cotton futures were down sharply, pressured by demand concerns tied to China's lockdowns.
Forecasted rains for West Texas were also negative for prices, though any relief from drought looks to be fleeting.
Like wheat, rice made new contract highs to start the week but then retreated.
The extended summer forecast from the National Weather Service shows hot and dry conditions across most of the Midwest through August, which will continue to provide support to the grain and soybean complex if it verifies.
Concerns about the economy are a negative factor, feeding questions about demand.
The stock market was nearing bear market territory at the end of the week.
In the livestock complex, live cattle futures rallied to start the week on hopes for firm cash trade, but soon headed south again under pressure from weaker cash prices, economic worries and technically-driven selling.
Deferred futures fell to new multi-month lows on Friday.
Friday's Cattle on Feed report showed April feedlot placements and the May 1 feedlot inventory at the high end of expectations.
The continued high placements smack of herd liquidation.
Lean hog futures came roaring back to the upside as stronger cash hog prices, expectations for seasonal strength in pork demand and tightening hog supplies overshadowed economic concerns.
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