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June 13, 2022
In the News
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.4625 | 7.7325 | 6.9900 |
| Soybeans | +0.4775 | 17.4550 | 15.4400 |
| Wheat | +0.3075 | 10.7075 | 6.8375 |
| Cattle | +2.35 | 136.20 | 118.55 |
| Hogs | -4.30 | 103.75 | 118.70 |
| Cotton | +4.46 | 122.36 | 88.21 |
| Milk | -0.03 | 24.57 | 17.60 |
| Crude Oil | +1.55 | 120.42 | 70.29 |
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Grain and oilseed futures rallied, bolstered by concerns about heat and dryness in the Midwest, and by a recognition that Ukraine is unlikely to be exporting grain out of the Black Sea any time soon.
Corn erased most of its losses from the prior week.
Extended weather forecasts show the potential for a high-pressure ridge in the Midwest that would bring significant heat and dryness.
While this would be a significant threat to the corn crop if it verifies, in the near-term the forecast is largely favorable, and there is plenty of time for the forecast into early July to change.
Corn's upside is limited by soft export demand.
Friday's USDA Supply and Demand report was largely a non-event for the grains complex.
Soybeans had additional underpinning from late planting in the Dakotas and Minnesota, and very slow emergence in that region.
Late in the week, the soy complex was pressured by soybean oil and ultimately palm oil, as Indonesia sought to re-ignite its palm oil exports after a short-lived ban.
Wheat had support from the Ukraine situation and dryness in Europe.
Cotton futures surged, propelled by mill demand and strong export sales to China.
Weather forecasts calling for a return of hot and dry weather to West Texas also supported cotton.
An increasingly gloomy economic outlook, driven by inflation at its worst level in four decades, hangs over the energy complex and commodity demand generally.
Lean hog futures fell back this week under renewed pressure from demand worries spurred by poor U.S.
pork export sales.
Live cattle futures tried to fake everyone out at the start of the week by posting bearish outside trading days on Monday.
However, they came roaring back and on Wednesday, surged to their highest levels in six weeks on news of stronger Plains cash trade.
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