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July 18, 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 | -0.1975 | 6.0375 | 5.5625 |
| Soybeans | -0.5425 | 13.4225 | 13.8000 |
| Wheat | -1.1475 | 7.7675 | 6.7200 |
| Cattle | +0.60 | 139.55 | 126.53 |
| Hogs | -1.40 | 92.60 | 89.40 |
| Cotton | -6.92 | 88.71 | 89.05 |
| Milk | -1.58 | 20.17 | 16.98 |
| Crude Oil | -6.83 | 94.70 | 71.38 |
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Grain and oilseed futures were lower, retreating steadily after strong gains to start the week.
The market was pressured by talks between Ukraine, Russia, Turkey and the U.N.
to create a corridor for allowing exports out of Ukraine and the Black Sea.
There is still no deal yet however, and the resumption of exports will not be instantaneous.
Generally favorable crop conditions in the Midwest were a negative factor, though the forecast is far from ideal, with significant heat and dryness expected to continue across the western Plains and parts of the Delta region.
Conditions elsewhere around the Midwest have been variable.
Record-breaking heat across western Europe is a positive factor for prices.
Tuesday's USDA report was not a major market-mover: It reaffirmed that supplies should be tight in 2022-23 for corn and especially for soybeans, but at the same time the demand outlook is murky.
Cotton futures tumbled despite extreme drought in West Texas.
Cotton, and commodities generally, were pressured by a surging U.S.
dollar, which made another 20-year high, and by concerns about demand tied to the prospect of a recession.
Inflation accelerated in June and remains at its highest level in four decades.
In the livestock complex, lean hog futures held firm as support from continued strong cash hog and wholesale pork prices offset pressure from increased expectations for interest rate hikes spurred by the latest monthly inflation data.
However, August through December futures could not push through key chart resistance and continued to chop sideways.
Live cattle and feeder cattle futures charged higher the first half of the week with feeders leading the way on support from the renewed sell-off in corn futures and surging cash feeder prices.
Extremely hot weather in Plains feedlot areas was also supportive for futures along with strength in wholesale beef prices.
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