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March 13, 2023
In the News
The next issue 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 | -0.2250 | 6.1725 | 7.5575 |
Soybeans | -0.1175 | 15.0700 | 16.8625 |
Wheat | -0.2950 | 6.7925 | 10.8700 |
Cattle | -2.03 | 158.65 | 132.45 |
Hogs | +2.90 | 87.45 | 100.10 |
Cotton | -5.99 | 78.18 | 116.86 |
Milk | +0.15 | 17.68 | 23.89 |
Crude Oil | -3.27 | 76.52 | 102.99 |
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Grain and soybean futures were down on the week, pressured by lackluster export demand and technical selling as corn and wheat fell to multi-month lows. Weak export demand is a negative factor as buying shifts away from the U.S. and toward South America. Meanwhile USDA on Wednesday issued a larger-than-expected cut to U.S. corn exports for this year. South American weather remains mixed, and on Wednesday USDA in its monthly Supply and Demand report slashes Argentina's crop projections significantly. Even those cuts soon looked conservative as South American agencies projected even smaller crops. But the drought in Argentina is largely factored in at this point, and is more than offset by expectations for a very large Brazilian crop. Wheat was pressured by weak demand for U.S. wheat, and optimism about improved soil moisture in parts of the hard red winter wheat belt. Traders continue to watch negotiations over a renewal of the Black Sea grain export agreement. Cotton futures tumbled late in the week amid softening export demand. Rice futures made a new contract low. Crude oil fell, and investors ended the week in a state of heightened concern about the economy due to the failure of Silicon Valley Bank.
In the livestock complex, lean hog futures started out the week probing the downside, but firmed up at midweek and rallied strongly on Friday. Ample hog supplies continued to weigh on futures to start the week, with traders appearing to grow impatient toward a sluggish seasonal rally in hog prices. However, larger hog numbers have been partially offset by lower slaughter weights. In live cattle, profit-taking on long positions emerged after the market failed to make new highs. Packers were again very slow to start buying in Plains cash markets, which also fed the profit taking along with concerns about prospects for interest rates to continue rising.
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