|
|
|
|
|
|
August 29, 2022
In the News
The 2022-23 Farm Show Guide is now available for viewing online here.
To view the Guide in print, click here. |
| Most Read Items From Prior Issue of |  |
|
|
|
|
|
|
|
 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.4100 | 6.6425 | 5.5075 |
| Soybeans | +0.5725 | 14.6125 | 13.2625 |
| Wheat | +0.3425 | 8.0525 | 7.3925 |
| Cattle | -2.20 | 143.05 | 129.60 |
| Hogs | -2.47 | 90.65 | 87.90 |
| Cotton | +1.67 | 117.68 | 94.16 |
| Milk | +0.48 | 20.21 | 17.07 |
| Crude Oil | +2.41 | 92.85 | 67.42 |
|
Grain and soybean futures rallied, propelled by deteriorating expectations for the U.S.
corn crop, a historic drought in Europe, and renewed soybean export demand.
Results from the Pro Farmer tour happening during the week were supportive, with scouts largely finding disappointing crops.
Pro Farmer's corn crop estimate issued Friday of just 13.759 billion bushels was 600 million below what USDA had projected in August, and reflected the impact of drought in the Midwest, particularly the western Corn Belt.
Soybean crop findings on the tour were closer to average.
Meanwhile the drought in western Europe has baked crops there.
Three "flash" soybean export sales reported by USDA during the week supported the bean marke.
Wheat was lifted by corn, and by ongoing concerns about drought in the U.S.
Plains, though some recent rains may boost hard red winter acreage prospects for this coming year.
Cotton futures rallied, boosted by the poor crop in much of West Texas, as well as more recent concerns about heavy rains in the South that are a late-season challenge for cotton producers there.
In the livestock complex, lean hog futures tumbled further much of the week, hitting 7-week lows as pork belly prices collapsed and cash hog prices followed.
Very poor packer operating margins and weak U.S.
pork exports continue to spur worries about demand with hog supplies starting to increase seasonally.
Futures losses were limited by their substantial discounts to cash, but the cash market has now put in a major top and should decline substantially this fall.
After rising the previous three weeks, live cattle futures retreated under pressure from the Aug.
19 USDA Cattle-on-Feed report and slower Plains cash trade.
Expectations for demand to slow in the cash market as packers buy for a short slaughter week likely also pressured futures along with rising interest rates.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
|
|
|
|
|
|
|
|
|
|
