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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.0650 | 6.8975 | 5.1675 |
| Soybeans | +0.1675 | 13.8375 | 12.0625 |
| Wheat | -0.2050 | 8.5975 | 7.2475 |
| Cattle | -0.28 | 147.78 | 130.30 |
| Hogs | +5.10 | 82.25 | 77.33 |
| Cotton | -1.08 | 83.15 | 107.10 |
| Milk | -1.35 | 20.50 | 19.36 |
| Crude Oil | -6.61 | 84.74 | 80.77 |
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Grain and oilseed futures were mixed on the week, with corn and soybeans posting modest gains while wheat and cotton both fell.
Trade is likely to remain volatile with the ongoing harvest, the war in Ukraine, recession fears, the strong dollar, slow U.S.
exports and the tight U.S.
carryout forecasts for corn and soybeans all remaining significant influences on the market.
Wednesday's USDA Supply and Demand report was bullish for soybeans, showing the expected carryout at just 200 million bushels.
The expected corn carryout also looks tight, and USDA further cut its corn yield estimate on Wednesday.
The question is whether demand will remain strong enough for those tight stocks to matter.
Longer-term, widespread dryness in the Midwest is aiding the harvest but also depleting the Mississippi River, where barge traffic continues to be slowed.
Cotton futures fell, pressured in part by USDA leaving its crop estimate essentially unchanged.
Poor export demand is also pressuring cotton, along with rice, wheat and corn.
Crude oil futures plunged, pressured by concerns about global demand.
Inflation remains at its highest level in four decades and has show no sign of abating yet.
In the livestock complex, live cattle futures were pressured by the renewed economic concerns as U.S.
inflation data spurred expectations for continued aggressive Fed interest rate hikes.
All the worries are on the demand side right now with beef packer margins diving into the red and the outlook for consumer beef demand poor.
Packers can certainly absorb some red ink, though, after about two years of very strong margins.
Lean hog futures continued to recover from their late September/early October collapses, and the market seemed somewhat oblivious to economic concerns and the chaos in U.S.
financial markets, with support from prospects for U.S.
hog supplies to tighten further in 2023.
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