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April 3, 2023
In the News
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.1750 | 6.6050 | 7.4875 |
| Soybeans | +0.7725 | 15.0550 | 16.1825 |
| Wheat | +0.0375 | 6.9225 | 10.0600 |
| Cattle | +5.53 | 162.13 | 139.38 |
| Hogs | +0.20 | 91.63 | 120.63 |
| Cotton | +6.24 | 82.78 | 135.69 |
| Milk | -0.88 | 19.05 | 23.68 |
| Crude Oil | +6.26 | 75.52 | 100.28 |
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Grain and oilseed futures were higher on the week, with soybeans leading the way and seeing gains accelerate on Friday after bullish USDA Prospective Plantings and quarterly Grain Stocks reports. Soybean planting intentions were virtually unchanged from last year's final plantings estimate, which was a surprise for a market that was expecting to see an increase. In addition, March 1 soybean stocks came in 43 million bushels below the average analyst estimate and down 247 million bushels, or 12.8%, from last year. The report reaffirmed that regardless of a potential increase in soybean acres, U.S. supplies should remain tight this year. For corn, USDA said planting intentions were up 3.4 million from last year's final plantings, and 1.1 million more than the trade was on average expecting. However there are still questions about how much will actually get planted, given the ongoing drought in parts of the western Corn Belt and excessive moisture in the northern Plains. A continued string of Chinese purchases of U.S. corn also boosted prices. Wheat futures were firm on the week. The USDA acreage report was bearish for hard red winter wheat, though the fate of that crop is still highly questionable given widespread drought in HRW areas.
In the livestock complex, live cattle futures rallied, underpinned by bullish Plains cash cattle trade that was up as much as $4 from the prior week and helped send futures to new contract highs. Lean hog futures were more subdued. While Thursday's USDA Hogs and Pigs report appeared supportive for hog prices as they implied tighter supplies later in the year, the hog futures market had a pretty ho-hum reaction to the data on Friday. Crude oil prices rallied, and got a further boost to start the month of April with news that Saudi Arabia was slashing production starting in May.
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