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June 20, 2022
In the News
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.1125 | 7.8450 | 6.3300 |
| Soybeans | -0.4350 | 17.0200 | 13.2975 |
| Wheat | -0.3800 | 10.4675 | 6.4300 |
| Cattle | +0.38 | 136.58 | 121.10 |
| Hogs | +4.13 | 107.88 | 107.20 |
| Cotton | -4.07 | 118.29 | 84.06 |
| Milk | -1.04 | 23.58 | 16.82 |
| Crude Oil | -10.36 | 107.76 | 70.78 |
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Grain and soybean futures were mixed on the week, with corn remaining firm on concerns about heat in the Midwest and extended weather forecasts.
Recent heat in the Corn Belt has been largely favorable for a crop that was planted late and isn't at the reproductive stage, but that could change if the pattern continues.
The National Weather Service's extended forecasts for July and through the summer call for hot, dry weather across most of the Midwest.
Despite corn's firmness, soybeans and wheat both fell.
Soybeans were pressured by soybean oil and vegetable oil markets generally, which have fallen amid eased palm oil export restrictions in Asia.
Wheat fell amid technical selling, and pitiful export demand for U.S.
wheat.
There are still longer-term concerns about the war in Ukraine and the inability to export grain out of the Black Sea.
There is no end in sight to that situation, and growing anxiety about the fate of this year's harvest.
Cotton futures fell sharply despite the return of heat and dryness in West Texas and stress on crops in the Delta.
Sharply lower equities, pressured by concerns about a recession and the impact of the Fed's announced 0.75-point interest rate hike, the largest since 1994, weighed on the outlook for commodity demand.
Nonetheless, front-end lean hog futures rose all five days this week.
Support from firm cash markets, hot weather and technically-driven buying outweighed pressure from recession fears and continued weak U.S.
pork export sales.
Friday's plunge in crude oil and gasoline prices also eased worries about consumer demand.
Live cattle futures had a tumultuous week, plunging at the start on economic concerns, then rallying back strongly on support from stronger-than-expected cash cattle trade.
Feeder cattle futures also sold off hard to start the week but their recovery was limited by the renewed strength in corn prices.
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