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March 27, 2023
In the News
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.0875 | 6.4300 | 7.4825 |
| Soybeans | -0.4825 | 14.2825 | 17.0075 |
| Wheat | -0.2200 | 6.8850 | 10.8575 |
| Cattle | +0.20 | 156.60 | 139.68 |
| Hogs | -1.90 | 91.42 | 122.08 |
| Cotton | -1.29 | 76.54 | 130.90 |
| Milk | +0.69 | 19.86 | 22.42 |
| Crude Oil | +2.22 | 69.15 | 112.34 |
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The big loser during the week was soybeans, which tumbled throughout the week amid technically-driven speculative selling which drove the market to new multi-month lows. Soybeans' sharp losses follow similar drops recently in other markets including wheat, corn, cotton and lean hogs. Soybeans declines were also accompanied by sharp losses in soybean meal. Soybean export demand is shifting to South America with Brazil supplies in the pipeline. Corn fared well by comparison. Traders are looking ahead to Friday's Prospective Plantings and quarterly Grain Stocks reports, and after that the focus will turn to Midwest weather forecasts. Early indications are that it could be a slow start to planting in the eastern Corn Belt and in the lower Midwest. In the Plains, a large snowpack and flood threat in the north, along with ongoing drought in the south, supported spring wheat and hard red winter wheat futures. Wheat was also supported by new concerns about Russian exports. Cotton futures stumbled despite strong export demand. Ongoing jitters about the health of the global banking system, and the potential for a recession, are weighing on the demand outlook for commodities generally.
In the livestock complex, live cattle futures remained under pressure from technically-driven speculative long liquidation and concerns about the U.S. economy, with the Fed's latest interest rate hike adding to concerns. However, futures were underpinned by firm cash markets and wound up slightly higher for the week after rallying on Friday. Feeder cattle futures, though, were pressured by weak cash feeder prices and Friday's corn price rally and lost ground for a second straight week. Lean hog futures continued to get slaughtered, as technical weakness and economic worries spurred more speculative selling and weak cash prices encouraged hedge selling. Hog supplies remain ample to meet demand and have been larger than expected.
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