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June 6, 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. |
| Most Read Items From Prior Issue of |  |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.5025 | 7.2700 | 6.6200 |
| Soybeans | -0.3450 | 16.9775 | 15.4925 |
| Wheat | -1.175 | 10.4000 | 6.7625 |
| Cattle | +1.45 | 133.85 | 118.53 |
| Hogs | -0.97 | 110.75 | 119.00 |
| Cotton | -5.05 | 117.90 | 85.04 |
| Milk | -0.04 | 24.56 | 17.85 |
| Crude Oil | +4.46 | 119.53 | 68.81 |
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Grain and oilseed futures fell sharply, pressured by favorable U.S.
weather and optimism about a deal to allow Ukraine grain exports out of Black Sea ports.
The wheat market led the declines, with healthy rains across much of U.S.
hard red winter wheat country adding some pressure.
The optimism about Ukraine grain exports out of the Black Sea could be fleeting however, as the war with Russia shows no sign of ending soon.
Corn was pressured by Midwest weather forecasts calling for moderate temperatures and ample rainfall continuing through the first half of the month, which becomes increasingly favorable for the crop as most of it is now in the ground.
Cotton futures tumbled amid speculative selling driven by the idea the market has made a major top, and by significant rainfall in drought-plagued West Texas.
Demand concerns tied to the economy were also a negative factor for cotton.
Rice futures also fell, as the declines in wheat reflected decreased concern about global food security.
Crude oil futures rallied to a three-month high, as European countries resolved not to accept imports from Russia.
In the livestock complex, lean hog futures fell sharply coming out of the Memorial Day weekend but recovered most of their losses, with nearby futures supported by rising cash hog and wholesale pork prices.
Gains were limited by negative packer operating margins, chart resistance and ongoing concerns about the general U.S.
economy.
Pork demand has been solid lately, and production has been higher than expected.
As with hogs, live cattle were hit with fresh selling coming out of the holiday weekend, and collapsed to new long-term lows, but futures rebounded strongly after that, with support from reports of good Memorial Day beef clearance and technically-driven buying.
Live cattle futures rebounded despite weaker Plains cash trade.
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