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October 3, 2022
In the News
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.0075 | 6.7750 | 5.3675 |
| Soybeans | -0.6100 | 13.6475 | 12.5600 |
| Wheat | +0.4100 | 9.2150 | 7.2550 |
| Cattle | -1.50 | 147.05 | 125.73 |
| Hogs | -6.58 | 76.23 | 85.40 |
| Cotton | -7.20 | 85.34 | 105.80 |
| Milk | +0.90 | 21.80 | 18.11 |
| Crude Oil | +1.04 | 79.78 | 75.03 |
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Grain and oilseed futures were mixed on the week, with soybeans plummeting Friday and corn rallying in response to USDA's Sept.
1 Grain Stocks report.
The report pegged Sept.
1 corn stocks at 1.377 billion bushels, well below the average analyst estimate of 1.512 billion.
While up from a year ago, excluding last year Sept.
1 stocks were at their lowest level since 2014.
For soybeans, Sept.
1 stocks were higher than expected.
That report, along with the ongoing soybean harvest and expectations of increased South American production this year weighed on soybean futures.
Wheat futures rallied on Friday as USDA projected winter wheat production well below expectations.
Wheat is also supported by the ongoing war in Ukraine, and worries about further escalation as Putin moved forward with annexation plans and rumors circulated that he was readying a nuclear strike in Ukraine.
Cotton futures spent most of the week on the defensive and made new 11-week lows, pressured by the strong U.S.
dollar and sharply lower equities.
Hurricane Ian provided a bit of a scare for Georgia cotton producers early in the week, but the storm track shifted and it largely missed the state's cotton.
In the livestock complex, lean hog futures continued to collapse as concerns that rising interest rates will send the economy into recession triggered active commodity fund long liquidation, which snowballed on technical weakness.
Weakness in wholesale pork prices also fed demand worries, while seasonal increases in hog supplies were also a negative market factor.
Thursday's USDA Hogs and Pigs report was fundamentally supportive for hog prices but provided little relief for the futures market.
Live cattle futures also fell, pressured by concerns over the economy and beef demand.
However, live cattle futures charted bullish reversals on Thursday on support from steady-stronger Plains cash trade.
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