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September 26, 2022
In the News
The next issue of Agri Marketing will include a Salute to Latham Hi-Tech Seeds on its 75th anniversary. To schedule your congratulatory ad contact Audrey Evans: AudreyE@AgriMarketing.com. Be sure to register and attend NAMA's Fall Conference in Minneapolis. For more info, click here. |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.0050 | 6.7675 | 5.2925 |
| Soybeans | -0.2275 | 14.2575 | 12.8425 |
| Wheat | +0.2075 | 8.8050 | 7.1775 |
| Cattle | -2.42 | 148.55 | 128.63 |
| Hogs | -5.18 | 82.80 | 76.50 |
| Cotton | -6.75 | 92.54 | 92.46 |
| Milk | -0.50 | 20.95 | 17.27 |
| Crude Oil | -6.20 | 78.56 | 73.30 |
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Grain and soybean futures were mostly lower on the week, pressured by outside financial markets, including a dollar index that continued to surge to new highs and plummeting equities.
Crude oil was also down sharply.
All this reflects in part the growing concerns about a global recession and its impact on demand, as central banks and governments try to fight inflation without tanking their economies.
These pressures weighed on corn and soybeans.
Export demand is weak for both markets.
Ethanol production has also weakened, as gasoline demand hit its lowest level for mid-September since the 9/11 attacks.
Generally favorable harvest conditions are also a factor, along with expectations of a significant increase in Brazilian production.
Cotton futures tumbled despite this year's troubled U.S.
crop.
An exception to the bearish trend was wheat, which rallied in the first half of the week on news that Russia was mobilizing hundreds of thousands of men to join in the war on Ukraine.
That escalation is feeding concerns about the deal allowing Ukrainian grain exports out of the Black Sea.
Drought in the central and southern Plains has also been supportive for wheat prices.
The livestock complex also felt the pressure from the economy and demand concerns.
Live cattle futures fell despite firm Plains cash cattle trade that was up $1 to $2 from the prior week.
Traders were awaiting the USDA Cattle on Feed report, which came in with a bearish placements number at 100.0% of a year ago, compared to the average analyst estimate of 97.3%.
Total feedlot inventories and marketings were in line with market expectations.
Lean hog futures fell sharply amid tumbling wholesale pork values late in the week.
Feeder cattle futures were also under pressure, despite the weakness in the corn market.
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