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April 24, 2023
In the News
Agri Marketing magazine will have the Best of NAMA winners available for online viewing immediately following the announcement ceremony at 6pm CDT this Wednesday. To view them, click here.
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| Most Read Items From Prior Issue of |  |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.2050 | 6.1525 | 7.8375 |
| Soybeans | -0.1825 | 14.4900 | 16.6525 |
| Wheat | -0.1950 | 6.7300 | 11.0450 |
| Cattle | +0.80 | 164.53 | 136.43 |
| Hogs | -0.80 | 86.08 | 118.48 |
| Cotton | -2.78 | 80.15 | 140.71 |
| Milk | -0.37 | 17.32 | 25.46 |
| Crude Oil | -4.67 | 77.76 | 106.38 |
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Grain and oilseed futures were down on the week, pressured by a benign Midwest planting weather outlook and poor export demand. Corn and soybeans both posted bearish weekly reversals and ended the week in poor shape technically. While the Midwest weather outlook is less than ideal with chilly temperatures expected into early May at least, the heart of the Corn Belt has seen a good start to the season, and most locations will remain mostly dry, which should encourage some planting despite the chilly temperatures. Wheat was pressured by a lack of demand for U.S. wheat, and traders seem to be increasingly unconcerned with the seemingly tenuous state of the Black Sea grain export deal and the war in Ukraine. Wheat's downside has been limited somewhat by the severe drought that continues in the southern Plains. The drought, particularly in West Texas, is also supportive for cotton prices, however futures were lower and like corn and soybeans, posted a bearish weekly reversal lower. Cotton made six-week highs at mid-week and ended the week and four-week lows. Concerns about the economy and possible recession are a negative factor.
In the livestock complex, the historic rally in live cattle futures prices stalled out amid steady to slightly weaker Plains cash trade, signs the wholesale beef market may be topping seasonally and pre-Cattle-on-Feed report position evening. Plains cash cattle markets and wholesale beef prices both cooled off during the week, feeding the idea that the trend in the cattle complex may be turning. Friday's Cattle-on-Feed report looked a bit negative for the market as it pegged the April 1 feedlot inventory and March feedlot placements above the range of trade estimates. Lean hog futures continued to struggle, with most contracts charting new lows amid continued weakness in cash hog and wholesale pork prices.
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