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January 17, 2023
In the News
Be sure to update your info in the 2023 Marketing Services Guide. To schedule your ad contact Audrey Evans: AudreyE@AgriMarketing.com.
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.2100 | 6.7500 | 5.8750 |
| Soybeans | +0.3525 | 15.2775 | 13.7725 |
| Wheat | +0.0025 | 7.4375 | 7.4675 |
| Cattle | +0.94 | 157.73 | 137.00 |
| Hogs | -2.38 | 87.28 | 85.33 |
| Cotton | -3.39 | 82.29 | 116.84 |
| Milk | +0.08 | 18.67 | 22.20 |
| Crude Oil | +6.12 | 80.16 | 81.62 |
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Grain and soybean futures were mostly higher on the week, with support from friendly USDA reports on Thursday.
The reports included Dec.
1 Grain Stocks, monthly Supply and Demand, and the final Crop Production report on the 2022 crop.
This latter report was bullish for corn, as USDA slashed harvested acreage more than expected.
While USDA only lowered its corn carryout estimate for 2022-23 slightly, the trade was expecting an increase.
USDA also cut its soybean crop estimate and lowered the carryout a little more than expected.
The bottom line for these markets is that supplies are likely to remain relatively tight.
Demand however is still a concern, with a large Brazilian crop expected to eat into U.S.
export opportunities.
USDA cut its corn export estimate, but further demand cuts, to exports and to corn-use-for-ethanol, are likely.
USDA's reports for wheat were mixed, as they showed Dec.
1 stocks well below expectations for Winter Wheat seedings for 2023 well above expectations.
USDA's reports were bearish for cotton, as a reduction in 2022 harvested acreage was more than offset by a big upward revision in the yield.
In other markets, crude oil surged, bolstered by optimism about demand as China tries to emerge from its Covid-related challenges and inflation shows signs of easing in the U.S.
There are still plenty of questions regarding China however, and this is helping to weigh on hogs.
Lean hog futures tumbled to fresh multi-month lows amid pressure from weakening cash fundamentals and a post-holiday glut of supplies.
The CME lean hog index fell to its lowest level in a year, and composite pork values hit a two-year low.
Live cattle futures started the week firm but faltered after failing to take out highs from late December.
Longer-term, U.S.
cattle and beef supplies should be tightening.
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