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January 23, 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 | +0.0125 | 6.7625 | 6.1625 |
| Soybeans | -0.2175 | 15.0650 | 14.1425 |
| Wheat | -0.0225 | 7.4150 | 7.8000 |
| Cattle | -1.1000 | 156.625 | 137.925 |
| Hogs | -0.8250 | 77.825 | 86.200 |
| Cotton | +4.3100 | 86.70 | 120.75 |
| Milk | +0.03 | 19.49 | 20.29 |
| Crude Oil | +1.45 | 81.31 | 85.14 |
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A relatively quiet week for the grain and oilseeds complex, but soybean futures did come under pressure from technical selling and from forecasts calling for increased rains in Argentina.
Soybeans posted a bearish outside day lower at mid-week, and new-crop contracts fell to multi-month lows.
Along with the weaker beans, nearby soymeal futures rose to new contract highs and then retreated, posting bearish weekly reversals in the process.
The improved weather outlook in Argentina is feeding into broader hopes that the La Nina weather pattern that has persisted into a third year is quickly fading.
Meanwhile high prices for grain and oilseeds have discouraged demand.
For corn, exports and ethanol demand is struggling.
Wheat futures faced modest pressure from U.S.
weather, particularly precipitation across the Plains, though drought persists in the region.
Aside from the drought in Argentina, there are few problems threatening grain and soybean production globally right now.
Cotton futures were higher, ending the week with positive momentum with the help of the strongest weekly export sales total since last summer.
Those sales were boosted by purchases by China.
Hopes of an economic recovery in China is bullish for commodity demand generally.
In the livestock complex, live cattle futures came under pressure from weaker cash cattle and wholesale beef prices, along with fears of recession.
Traders were awaiting Friday's Cattle on Feed report, which showed the longer-term supply picture for cattle remains very supportive for prices.
USDA pegged the Jan.
1 feedlot inventory at 97.0% of a year ago, and placements at 92% of a year earlier.
Lean hog futures remained on the defensive, falling to multi-month lows under pressure from continued weakness in cash hog markets and wholesale pork prices, as supplies are ample.
The CME cash lean hog index fell to its lowest level in more than a year.
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