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August 1, 2022
In the News
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.5575 | 6.2000 | 5.5650 |
| Soybeans | +1.5275 | 14.6850 | 13.7775 |
| Wheat | +0.4875 | 8.0775 | 7.0525 |
| Cattle | -0.78 | 142.23 | 128.15 |
| Hogs | +0.90 | 97.23 | 88.98 |
| Cotton | +5.85 | 96.74 | 90.31 |
| Milk | +0.45 | 20.34 | 16.26 |
| Crude Oil | +4.25 | 98.95 | 73.62 |
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Grain and soybean futures soared, propelled in part by concerns over a hot weather forecast for August and the impact on Midwest production.
This is particularly a concern for soybeans, which is entering a crucial period in their growing season.
Traders are starting to look ahead to the first survey-based USDA crop estimate on Aug.
12, and there is a growing expectation of a modest cut to corn, and possibly a more substantial cut to the soybean crop from what USDA had penciled in.
On the negative side, demand remains questionable.
Grains traders were watching the situation in Ukraine, where a deal with Russia allowed for the first Ukraine grain export shipment out of the Black Sea since the February invasion.
While Ukraine has said that it will be able to export large quantities quickly, there is skepticism in the trade, and expectations of a slow start.
Drought in Europe is adding to supply worries and logistics concerns, with water levels in key rivers plummeting.
There was no shortage of economic news, as the Fed issued another 0.75-point rate hike, and the U.S.
reported a second-straight quarterly decline in GDP, sparking talk of a recession.
In the livestock complex, Lean hog futures rose further on support from strong cash hog markets amid seasonally tight hog supplies and strong domestic pork demand.
Gains were capped by concerns about weak packer operating margins, prospects for hog supplies to start rising seasonally during late summer and recession worries.
Poor U.S.
pork export sales also remained a negative factor.
Live cattle futures started out the week stronger on support from the USDA Cattle Inventory report, which confirmed continued herd liquidation.
However, front-end futures quickly came under pressure from weaker Plains cash trade as fed cattle supplies remained ample to meet packer demand.
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