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January 30, 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 | +0.0675 | 6.8300 | 6.2525 |
| Soybeans | +0.0300 | 15.0950 | 14.4825 |
| Wheat | +0.0850 | 7.5000 | 7.7700 |
| Cattle | +0.90 | 160.83 | 141.63 |
| Hogs | +0.73 | 86.45 | 94.68 |
| Cotton | +0.19 | 86.89 | 121.63 |
| Milk | +0.06 | 18.05 | 20.69 |
| Crude Oil | -2.21 | 79.43 | 86.61 |
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Grain and oilseed futures posted modest gains for the week in choppy trade, with support from solid soybean export demand and emerging concerns about South American production.
While the weather pattern in drought-plagued Argentina has recently improved, the ample rains that have fallen on Brazil throughout the season are becoming a problem, leading to a sloppy start to the soybean harvest as well as a slow start to second-crop corn planting.
The grains were also underpinned by a growing recognition that output in Ukraine is likely to decline again in 2023, due mainly to a lack of profitability and financing for farmers.
The war in Ukraine shows no signs of abating, with NATO committing to send more equipment to defend against an expected spring offensive by Russia.
Uneasiness about bitter cold in the U.S.
Plains also helped to underpin wheat.
Cotton was supported by a second straight week of much-improved export sales, feeding optimism that China's economy and commodity demand are set for a rebound.
Any bullishness over China, however, is offset by worries about the U.S.
economy, how inflation is impacting consumers, and a potential recession.
In the livestock complex, lean hogs were supported late in the week by signs of seasonal declines in hog supplies and strong weekly pork export sales.
Hog runs and production have leveled off and should start to decline seasonally.
Uncertainty in the hog market is mostly on the demand side, with consumers cutting back on meat purchases due to high inflation.
Wednesday's Cold Storage report showed Dec.
31 frozen pork stocks at a three-year high of 458.1 million pounds, up 15.6% from a year earlier, despite a year-over-year drop in production.
Live cattle futures price action was choppy this week amid a standoff between packers and feedlots in Plains cash markets.
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