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December 12, 2022
In the News
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.0225 | 6.4400 | 5.9175 |
| Soybeans | +0.4525 | 14.8375 | 12.6450 |
| Wheat | -0.2675 | 7.3425 | 7.7675 |
| Cattle | -0.33 | 155.55 | 137.80 |
| Hogs | -6.42 | 84.00 | 77.83 |
| Cotton | -2.25 | 80.95 | 106.59 |
| Milk | -0.77 | 19.23 | 19.82 |
| Crude Oil | -8.48 | 71.50 | 70.94 |
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Grain and soybean futures were mixed on the week, with soybeans rallying to three-month highs on strong demand from China.
Lackluster corn and wheat export demand, along with generally favorable crop conditions around the world, weighed on the complex.
The Chinese government's abrupt end of zero-Covid policies was supportive, though there is still much uncertainty about how the end of lockdowns there will effect the economy on China's commodity demand in the near-term.
Friday's USDA Supply and Demand report raised the U.S.
corn carryout by 75 million bushels due entirely to reduced exports, but otherwise it held few changes for the grain and oilseed complex.
Soybean ending stocks were left unchanged at 220 million bushels.
Cotton futures were pressured by a bearish USDA report that included both reduced demand and an upward revision to the U.S.
crop estimate.
Meanwhile cotton export sales remain poor.
Crude oil futures plunged amid lackluster demand and concern about the global economy.
Lean hog futures started out the week on a strong note, but the rally faltered and by Thursday, most-active February futures had slid to their lowest level since mid-October.
A collapse in wholesale pork prices and cancellations of U.S.
pork export sales weighed on futures and a sharp decline in Chinese hog futures offset support from China's easing of anti-Covid policies.
Technically, the near-term chart picture for lean hog futures is not pretty.
Live cattle futures had a volatile week, breaking sharply to three-week lows on Tuesday, then rallying on Friday to finish little changed for the week.
Futures were pressured by a sharp drop in wholesale beef prices, sharply negative beef packer margins and concerns about the health of the general economy.
Negotiated cash cattle trade in Plains direct markets generally took place at steady to slightly lower prices.
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