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July 25, 2022
In the News
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.3950 | 5.6425 | 5.6125 |
| Soybeans | -0.2650 | 13.1575 | 13.6225 |
| Wheat | -0.1775 | 7.5900 | 6.9225 |
| Cattle | +3.45 | 143.00 | 126.68 |
| Hogs | +3.73 | 96.33 | 91.73 |
| Cotton | +2.18 | 90.89 | 89.86 |
| Milk | +0.04 | 20.20 | 16.39 |
| Crude Oil | +0.13 | 94.70 | 71.91 |
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Grain and oilseed futures were lower, spending much of the week on the defensive amid favorable conditions in much of the Midwest and a deal to allow Ukraine exports out of the Black Sea region.
The deal between Ukraine, Russia, Turkey and the U.N.
was signed on Friday.
Ukraine has indicated that it will be able to start exporting significant quantities of grain within weeks.
But there was still significant skepticism about whether Russia would actually abide by the deal, and that skepticism was reaffirmed over the weekend as Russia promptly launched missiles at the key port of Odesa.
But this attack, officials said, was not on grain infrastructure at the port, so Russia technically did not violate the deal.
Meanwhile conditions across much of the Midwest have been favorable for corn and soybeans.
The notable exception remains the far western Corn Belt into the southern Plains, which are too hot and dry.
The August forecast calls for hot, dry weather across the entire Midwest, which would add stress to soybeans in particular.
Cotton futures rallied amid short-covering and support from the extreme drought in West Texas.
In the livestock complex, Lean hog futures headed higher most of the week on support from strong cash hog and wholesale pork prices and seasonally tight hog supplies.
Concerns about hot weather in the western Corn Belt and the Plains was also a supportive market factor, while worries that higher interest rates will send the economy into a recession helped limit gains in 2023 futures months.
Nearby August lean hog futures exploded higher, rising nearly $9.00 for the week as they closely tracked the CME cash lean hog index, which showed no signs of topping out.
Live cattle futures rallied strongly despite slightly weaker Plains cash trade, finding support from expectations for reduced feedlot placements and technically-driven buying
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