|
|
|
|
|
|
April 17, 2023
In the News
Be sure to register and attend NAMA's Agri-Marketing Conference April 26-28 in St. Louis, MO. For more information click here. |
| Most Read Items From Prior Issue of |  |
|
|
|
|
|
|
|
 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.1600 | 6.3575 | 7.8375 |
| Soybeans | +0.0475 | 14.6725 | 16.6525 |
| Wheat | +0.0450 | 6.9250 | 11.0450 |
| Cattle | +0.63 | 163.73 | 136.43 |
| Hogs | -1.30 | 86.88 | 118.48 |
| Cotton | -0.54 | 82.93 | 140.71 |
| Milk | -0.28 | 17.67 | 25.46 |
| Crude Oil | +1.69 | 82.37 | 106.38 |
|
Grain and oilseed futures were mostly higher on the week, with corn on Friday posting its highest close in seven weeks with support from renewed export demand from China and crop losses in Argentina. The upside was limited by phenomenal early April weather, as warmth and dry conditions helped kick-start planting. However, the forecast for the second half of April is looking chilly, and early May weather will be important. Soybean futures were supported by slow farmer selling. New-crop futures have struggled in comparison with old-crop soybeans, and a huge Brazilian crop hangs over the soy complex. Wheat was supported by the ongoing drought in the southern Plains, for which there is little relief on the horizon. USDA's most recent Drought in Ag report shows that 49% of winter wheat area is experiencing drought. Cotton futures remain in a sideways pattern, trading a range of 80 to 84 cents. The cotton market has failed to maintain a rally despite a sharp drop in the dollar recently and surging crude oil prices. Rice futures surged on the week, propelled by Tuesday's bullish USDA report. That report was a non-event for corn and soybeans, as USDA left the balance sheet unchanged in both cases.
In the livestock complex, live cattle futures accelerated higher following the lead of extremely strong Plains cash markets. Strong seasonal gains in wholesale beef prices supported packer operating margins and demand for cattle in the face of tightening market-ready supplies. The rise in nearby April futures has been nothing short of meteoric with the market surging to a new all-time high for a nearby live cattle contract. Lean hog futures have continued to struggle amid pressure from unseasonably weak cash fundamentals. Hog supplies have remained ample to meet packer demand, which has been limited by poor operating margins with wholesale pork prices continuing to slide on weak consumer demand.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
|
|
|
|
|
|
|
|
|
|
