In the News

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Glencore To Pay $1.02 Billion In Fines For Bribery Charges, Owner Of Viterra Ag Commodity Trading Company
Animal Health Distributor Covetrus To Be Acquired By Clayton, Dubilier & Rice And TPG For $4 Billion
1st Quarter: Titan Machinery's Sales Up 24%, Earnings Up 60%: $17.8 Million

Most Read Items From Prior Issue of

Soybean Farmers Release Their 2023 Farm Bill Priorities

WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.0150	7.7725	6.6450
Soybeans	+0.2700	17.3225	15.3700
Wheat	-0.1125	11.5750	6.7625
Cattle	+0.85	132.40	119.43
Hogs	+2.73	111.73	116.70
Cotton	-2.85	139.42	82.61
Milk	+0.03	24.51	17.65
Crude Oil	+4.42	114.70	66.85

Grain and oilseed futures were mixed on the week, with wheat being pressured by prospects of Ukrainian wheat again moving out of Black Sea ports, while soybeans rallied amid concern about lost acreage in the Upper Midwest. Midwest planting picked up significantly after a slow start, but concerns remain, particularly in Minnesota and North Dakota, where the spring has been wet and miserable. For most of the rest of the Corn Belt, the near-term weather forecast is looking favorable for crops that are in the ground. Solid soybean demand is a supportive factor. Ongoing talks about Russia easing up on restrictions on Ukraine's Black Sea ports have helped to ease concern about global food security in the near-term, and have weighed on wheat prices in particular. The war is far from over however, and new European sanctions on Russian crude oil have added fresh support to the crude market. Despite the losses in winter wheat futures, spring wheat futures rallied on the likelihood of significant acreage losses in the northern Plains. Cotton was lower, pressured by weak export demand and some badly needed rain across West Texas.

In the livestock complex, lean hog futures continued to rebound on support from stronger wholesale pork and cash hog prices and expectations for hog supplies to tighten seasonally over the next several weeks. At the same time, concerns about the health of the general economy appeared to ease, reducing demand worries at least temporarily. Summer-month hog futures reached their highest levels in nearly a month. Live cattle futures started the week strong, posting bullish daily reversals in the face of a negative USDA Cattle-on-Feed report. Futures were unable to confirm the bottom, though, charting bearish outside days on Wednesday under pressure from ample supplies of market-ready cattle and weaker cash prices.

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