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May 15, 2023
In the News
The next issue Agri Marketing will include the Best of NAMA national winners. Plus profiles of the NAMA's award honorees including representatives of Syngenta, broadhead and 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 | -0.1025 | 5.8625 | 7.9150 |
| Soybeans | -0.4650 | 13.9000 | 16.1375 |
| Wheat | -0.2525 | 6.3500 | 11.7875 |
| Cattle | +2.47 | 164.40 | 131.65 |
| Hogs | +0.33 | 84.10 | 97.47 |
| Cotton | -3.37 | 80.53 | 145.53 |
| Milk | -0.39 | 16.60 | 24.10 |
| Crude Oil | -1.19 | 70.15 | 106.13 |
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Grain and oilseed futures fell, pressured by mostly favorable U.S. weather and by Friday's bearish USDA Supply and Demand report. The report was the first to include balance sheet estimates for the 2023-24 marketing year. For corn, USDA's U.S. crop and 2023-24 carryout estimates were not huge surprises, but they confirmed an outlook for much larger supplies and lower prices ahead, barring major U.S. crop problems, which so far don't seem to be in the cards. The new crop carryout is expected to top 2 billion bushels and USDA's estimate came in higher than expected. Soybean futures tumbled. U.S. soybean ending stocks are seen rising to 335 million bushels in 2023-24 from 215 million this year. As with corn, the increase is dependent in large part on a larger crop. The USDA report was bullish for wheat, as it pegged winter wheat production in particular well below the average analyst estimate. The hard red winter wheat crop in the southern Plains is looking bleak, and USDA sees a smaller crop this year despite a large increase in seedings. The USDA report was also bullish for cotton, although some of that bullishness was tempered by improved rains in West Texas cotton areas.
In the livestock complex, Lean hog futures chopped around in relatively narrow ranges as traders tried to assess the potential for seasonal cash market strength. Rising cash hog and pork prices were supportive for futures, but futures' premiums to cash limited buying interest along with economic uncertainty. A drop-off in weekly pork export sales weighed on prices as well. Live cattle futures rebounded as their discount to Plains cash markets appeared to spur fresh speculative buying. Easing concerns about inflation also may have underpinned prices and USDA's forecast for a further significant drop in U.S. beef production in 2024 added price support on Friday.
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