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May 8, 2023
In the News
The next issue of Agri Marketing will include salutes to NAMA award winners Eric Boeck, Syngenta Seeds; Beth Burgy, broadhead and Tim Price, Southern Cotton Ginners Assn. To schedule your congratulatory ad contact Audrey Evans: AudreyE@AgriMarketing.com.
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.1150 | 5.9650 | 7.9750 |
| Soybeans | +0.1725 | 14.3650 | 16.4700 |
| Wheat | +0.2650 | 6.6025 | 11.0650 |
| Cattle | -3.55 | 161.93 | 133.78 |
| Hogs | -7.93 | 83.78 | 107.08 |
| Cotton | +3.10 | 83.90 | 148.76 |
| Milk | -0.26 | 17.02 | 24.66 |
| Crude Oil | -5.41 | 71.37 | 108.26 |
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Grain and soybean futures were mostly higher on the week, having come roaring back after making new multi-month lows at mid-week. The gains were in part due to short-covering and bargain-hunting in markets that had fallen sharply recently. Fundamental support came from the small, drought-plagued Argentina crops, and chilly weather in the Midwest that may have slowed planting. However, planting progress overall in the Corn Belt is good, and soil moisture levels are mostly favorable. In addition, export demand is lackluster for corn, soybeans and wheat. Wheat had fundamental support in Kansas City futures from the bleak outlook for hard red winter wheat production in the central and southern Plains. The wheat market also got a boost from a drone attack on the Kremlin, which reignited concerns about the Ukraine war and the status of the Black Sea grain export deal. Cotton futures rallied despite some optimism about a changing weather pattern in West Texas. Rice futures rallied to multi-month highs, bolstered by tight near-term supplies.
Rising concern about recession and demand helped to weigh on other markets, including crude oil, which fell sharply. While the latest monthly jobs report showed the labor market remains hot, many consider that to be a mixed blessing as it adds to worries about inflation. The rally in lean hog futures ran off the rails with futures coming under heavy pressure from their premiums to cash, even with cash hog prices showing some seasonal strength. Renewed weakness in wholesale pork prices, indications hog supplies remain ample to meet demand and renewed concerns about the U.S. economy also weighed on futures. Live cattle futures were also lower, pressured by speculative long liquidation spurred by weaker Plains cash trade and technically-driven selling. Signs beef prices may be topping also likely weighed on futures.
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