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June 27, 2022
In the News
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| Most Read Items From Prior Issue of |  |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.5700 | 6.7400 | 5.3600 |
| Soybeans | -1.1325 | 14.2425 | 12.9175 |
| Wheat | -1.1025 | 9.3650 | 6.5200 |
| Cattle | -3.20 | 133.38 | 122.63 |
| Hogs | -1.10 | 106.78 | 98.70 |
| Cotton | -20.24 | 98.05 | 86.73 |
| Milk | -0.76 | 22.80 | 16.57 |
| Crude Oil | -0.58 | 107.41 | 73.30 |
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Grain and soybeans futures completely fell apart, tumbling on concerns about demand and technical selling, as various markets remove the "war premium" that had been built into the market following Russia's invasion of Ukraine.
While that war continues with no sign of an end or a return of Ukraine grain exports out of the Black Sea, it has stopped being a major market factor for now.
Corn and soybeans were also pressured early in the week by much-improved forecasts for the Midwest into early July.
However, by the end of the week, there was renewed concern about heat and dryness, with growing worry about the eastern Corn Belt in particular.
Meanwhile recent weakness in the stock market and growing expectations of a recession weighed on the demand outlook for commodities generally.
Lackluster export demand is a negative factor as well.
As bad as the losses were in the grains, they were even worse in cotton, which crashed in both old-crop and new-crop.
July cotton, which was trading without limits on Friday, tumbled by more than 30 cents.
Demand concerns and technical selling were the main factors, as the West Texas weather and crop outlook remains uncertain at best.
In the livestock complex, lean hog futures had a rocky week, with support from seasonal cash price strength offset by strong pressure from recession concerns and the sharp sell-off in the grains complex.
Futures tested their recent highs on Tuesday then sold off sharply on Thursday, only to rebound on Friday.
Live cattle futurse turned lower under pressure from fears of a recession, technically-driven selling and weaker southern Plains cash trade.
Friday's USDA Cattle-on-Feed report looked largely neutral, as it pegged the June 1 feedlot inventory at 101.2% of a year earlier versus trade estimates averaging 101.4%, and put May feedlot placements at 97.8% versus expectations averaging 99.6%.
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