|
|
|
|
|
|
November 14, 2022
In the News
The next issue of Agri Marketing will include an update on the Dairy Industry. To schedule your ad, contact Audrey Evans at AudreyE@AgriMarketing.com. Forms to update your organization's info in the 2023 Marketing Services Guide will begin being distribute this week. Watch your e-mail!
|
|
|
|
|
|
|
 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.2300 | 6.5800 | 5.6950 |
| Soybeans | +0.0400 | 14.5500 | 12.1225 |
| Wheat | -0.3400 | 8.1375 | 8.1250 |
| Cattle | -0.13 | 151.53 | 131.88 |
| Hogs | +1.38 | 84.35 | 75.38 |
| Cotton | +1.27 | 88.20 | 118.54 |
| Milk | +1.23 | 21.58 | 18.08 |
| Crude Oil | -3.65 | 88.96 | 81.59 |
|
Grain and oilseed futures were mixed on the week, with corn and wheat slumping while soybeans held firm and cotton rallied.
Corn and wheat are both pressured by weak export demand, and optimism that the Black Sea grain export deal would continue despite the ongoing war between Russia and Ukraine.
The trend in the corn market is now lower, and the demand outlook going forward is further clouded by the extreme low water levels in the Mississippi River, which show no signs of improving soon.
Soybeans were up slightly on the week, amid optimism about export demand tied in part to signs that China is easing its "zero Covid" policy.
USDA in its monthly crop report raised its U.S.
2022 corn and soybean crop estimates slightly more than expected, though carryouts are still seen being tight.
Cotton rallied with help from the apparent shift in China's Covid policy.
Also supportive was a plummeting dollar and surging equities, which rose after the monthly CPI report showed inflation slowing a little.
In the livestock complex, live cattle futures worked sideways to slightly lower the first three days of this week, with most contracts building on last week's losses amid a lack of Plains cash trade.
However, futures got a nice boost from the huge rally in U.S.
stock markets that followed the mid-week inflation data.
Steady Plains cash trade that developed on Wednesday afternoon also helped stabilize futures.
USDA on Wednesday raised its projection for 2022 beef production by 211 million pounds and cut projected 2023 output by 90 million.
Beef production is now seen falling 7.3% next year, the biggest year-over-year drop since 1979.
Lean hog futures surged sharply to start the week amid speculative short-covering, but was under pressure for much of the rest of the week from weakening cash prices and ample hog supplies.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
|
|
|
|
|
|
|
|
|
|
