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March 6, 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 | -0.0950 | 6.3975 | 7.4775 |
| Soybeans | -0.0050 | 15.1875 | 16.6775 |
| Wheat | -0.1300 | 7.0875 | 11.3400 |
| Cattle | +0.05 | 165.43 | 138.35 |
| Hogs | -1.48 | 84.55 | 105.20 |
| Cotton | -0.73 | 84.17 | 119.80 |
| Milk | +0.06 | 17.78 | 22.43 |
| Crude Oil | +3.52 | 79.84 | 107.67 |
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Grain and oilseed futures were mostly lower on the week amid choppy trade, with lackluster demand and technical selling pressuring the complex. While May corn futures ended in the upper half of the week's range, they still were down on the week and technically the trend has turned lower, with fundamental pressure coming from expectations of a big jump in the domestic carryout for 2023-24. In the soybean market, U.S. export sales continue to fade in the face of Brazil's huge harvest and sales for 2022-23 to date are now running slightly below a year earlier. That trend should continue and will likely accelerate this spring. However, losses in corn and soybeans are limited by concern about South American production and particularly crops in Argentina, where drought has persisted and crop conditions are going from bad to worse. Wheat was pressured by weak export demand, ample Russian supplies and good conditions in Europe. Cotton futures were choppy but remained in a sideways trajectory, with various contracts making a 2 1/2 -week high on Thursday only to retreat and post a bullish outside day lower.
In the livestock complex, lean hog futures struggled all week as the seasonal rally in cash hog and wholesale pork prices stalled amid ample hog supplies. Meanwhile prospects for rising interest rates spurred further demand worries. Larger frozen pork stocks and lower weekly U.S. pork export sales were also bearish market factors. Live cattle futures had a choppy week as pressure from technically-driven profit taking, month-end position evening and the outlook for rising interest rates offset support from continued strong cash market fundamentals. Plains cash cattle trade was very slow to get going again, which helped fuel profit taking in futures. However, the tone in cash fed cattle markets remains very strong.
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