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April 10, 2023
In the News
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.1700 | 6.4350 | 7.5650 |
| Soybeans | -0.1300 | 14.9250 | 16.1950 |
| Wheat | -0.1675 | 6.7550 | 10.3825 |
| Cattle | +0.97 | 163.10 | 137.70 |
| Hogs | -3.45 | 88.18 | 114.70 |
| Cotton | +0.42 | 83.20 | 135.69 |
| Milk | -0.52 | 17.95 | 24.85 |
| Crude Oil | +5.03 | 80.70 | 96.23 |
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Grain and oilseed futures spent most of the holiday-shortened week in retreat prior to Easter, with markets pressured by an improving weather pattern in the Midwest. The emergence of warm temperatures and limited rain has put to rest concerns about a sluggish start to planting, and most of the Midwest will have favorable soil conditions to start the season. The Plains remain an exception, with the large snowpack in the north still melting and putting off fieldwork, and drought in the south hurting hard red winter wheat prospects. Longer-term, signs continue to build that an El Nino weather phenomenon could be in place by mid-summer, which historically has favored strong crop yields in the Midwest. Brazil's huge soybean crop is also a negative factor for the grain and oilseed complex, while the damage to Argentina crops has been priced in to the market. On the demand side, grains had little favorable news. The recent corn-buying spree by China appears to have run its course, and China's soybean demand has shifted away from the U.S. and toward South America. Cotton futures were soft amid weak export demand.
Outside the grains complex, crude oil futures soared on news that Saudi Arabia and some other oil producers had agreed to cut back production starting in May. U.S. futures so far have failed to find much buying above $80, however, as worries about recession continue to hang over the demand outlook. Live cattle futures were under pressure to start the week, but rebounded as Plains cash cattle markets remain bullish. Plains cash markets were up as much as $5 from the prior week amid a bullish long-term fundamental outlook. Lean hog futures were weaker, pressured by soft cash hog markets and poor pork packer margins.
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