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July 11, 2022
In the News
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.1600 | 6.2350 | 5.2375 |
| Soybeans | +0.0125 | 13.9650 | 13.1950 |
| Wheat | +0.4550 | 8.9150 | 6.1800 |
| Cattle | -0.65 | 133.95 | 119.28 |
| Hogs | +6.20 | 109.18 | 100.38 |
| Cotton | -1.85 | 95.63 | 86.88 |
| Milk | +0.35 | 22.77 | 17.09 |
| Crude Oil | -3.64 | 104.79 | 72.94 |
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It was a wild, holiday-shortened week for the ag complex, as futures tumbled out of the gate following the Fourth of July, dropping to five-month lows before recovering and finishing Friday near the week's highs.
Corn and soybeans were pressured early in the week by technical selling and a soaring dollar, which made a 20-year high.
A mixed weather outlook lacking major threats to Midwest crops was also a negative factor.
However, by the end of the week, there was fresh concern about heat and dryness in the Midwest through the middle part of July.
Drought conditions are also a threat in the southern Plains and into the Delta region.
Concerns about a global food crisis have been waning, with the disruptions in Ukraine due to Russia's invasion largely priced in at this point.
Cotton futures remained under pressure despite extreme drought across West Texas.
Concerns about a recession and the impact that would have on demand weighed on cotton, as well as other commodities.
Crude oil fell by $10 in one day, and metals and lumber have also fallen sharply recently.
In the livestock complex, lean hogs ended the week on a strong note technically, bolstered by firm wholesale pork and cash hog values, as the market overcame concerns about a recession.
Pork packer margins remain negative, and a negative factor.
Live cattle continued to trade in a narrow range, and the upside was limited by disappointing Plains cash cattle trade.
But the prices in the Corn Belt remain elevated versus the southern Plains, and futures' discount of $12-15 to Nebraska cash trade should limit futures' downside.
Strong retail sales for beef and pork over the three-day July 4 holiday weekend also supported the livestock futures complex.
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