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March 20, 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 | +0.1700 | 6.3425 | 7.5450 |
| Soybeans | -0.3050 | 14.7650 | 16.6850 |
| Wheat | +0.3125 | 7.1050 | 10.9800 |
| Cattle | -2.25 | 156.40 | 139.48 |
| Hogs | -9.45 | 93.33 | 116.98 |
| Cotton | -0.35 | 77.83 | 121.86 |
| Milk | +1.30 | 19.00 | 22.39 |
| Crude Oil | -10.44 | 66.34 | 102.98 |
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Grain and oilseed futures were mixed in a week marked by financial turmoil and concern over the global banking system. Corn futures however were firm, bolstered by four straight days of export sales to China reported by USDA. The sales totaled more than 83 million bushels. Wheat futures were also higher, boosted by short-covering and ideas the market has made a bottom, and also by uncertainty over the extension of the Black Sea grain export deal. That deal was in fact extended this past weekend, but apparently for only 60 days, rather than the 120-extension sought by Ukraine and the United Nations. Wheat is also supported by drought in the southern Plains, which is keeping winter wheat crops in lousy shape, and by a large snowpack in the northern Plains that could slow spring wheat planting. Grain and oilseed trades are now starting to look ahead to the end-of-month March Prospective Plantings report. Crude oil futures collapsed at mid-week and fell to their lowest level in more than a year.
Livestock futures were also affected by the financial turmoil. Lean hog futures fell off a table, dropping sharply throughout the second half of the week and making contract lows in the summer-month contracts. Live cattle futures gapped lower Monday morning and spent most of the week under pressure. Along with the concerns about the banking system and economy, cattle futures were pressured by weaker Plains cash cattle trade and soft wholesale beef prices. While longer-term fundamentals for cattle are still positive, the near-term market trend is lower. Friday's Cattle on Feed report was neutral to slightly supportive, with total feedlot inventories were 95.9% of a year ago, versus the average survey estimate of 95.5%, while placements were at 92.8% of a year ago, versus expectations of 94.0%.
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