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February 27, 2023
In the News
The next edition of Agri Marketing will feature the annual listing of the Largest Ag Communications Agencies and an update on Farm Broadcasting. To schedule your ad contact Audrey Evans at AudreyE@AgriMarketing.com.
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.2825 | 6.4925 | 6.9025 |
| Soybeans | -0.0300 | 15.1925 | 16.5400 |
| Wheat | -0.5450 | 7.2175 | 9.3475 |
| Cattle | +0.72 | 165.38 | 142.30 |
| Hogs | +0.75 | 86.03 | 105.53 |
| Cotton | +3.40 | 84.90 | 119.16 |
| Milk | +0.07 | 17.72 | 22.51 |
| Crude Oil | -0.23 | 76.32 | 92.81 |
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Grain and oilseed futures spent most of the week on the defensive, falling to their lowest levels in weeks and in some cases months. Corn was pressured by lackluster export demand and by USDA's estimates at the annual Ag Outlook Forum on Thursday, which showed a large expected increase in the 2023-24 carryout to more than 1.8 billion bushels. Soybean stocks by contrast are expected to remain tight. In either case, the estimates are based in part on guesses about planting and yield, and are likely to be revised significantly over the coming months. South American weather remains a factor, with persisting drought in Argentina being a key concern, along with delayed second-crop corn planting in Brazil. Wheat futures were pressured by forecasts calling for some much-welcome precipitation across the Plains, and by optimism about renewal of the Black Sea grain export deal. While not directly impacting the grains markets, growers in California have seen some dramatic drought relief recently. Cotton futures were firm, bolstered by robust export demand. Crude oil's upside was capped by concern over recession and excess Russian supplies.
In the livestock complex, live cattle soared, rising to new contract highs amid surging wholesale beef prices and tightening cattle supplies. Brazil's suspension of beef exports to China added some fuel to the bull market, and although futures hit some turbulence on Friday, they mostly finished strongly. Friday afternoon's monthly Cattle on Feed report also looked friendly for prices. Feeder cattle futures followed live cattle to new highs with help from the sharp downturn in corn prices. Lean hog futures surged early in the week but then retreated amid weak pork prices and lousy packer margins. Wholesale pork prices were highly volatile, with strength due in part to weather-driven slaughter disruptions. The supply outlook for the second half of the year is looking negative for prices.
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