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May 22, 2023
In the News
Be sure to register and attend the Ag Relations Council's annual meeting June 13-15, Des Moines, IA. For more information click here. |
| Most Read Items From Prior Issue of |  |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.3175 | 5.5450 | 7.8325 |
| Soybeans | -0.8275 | 13.0725 | 16.9050 |
| Wheat | -0.3000 | 6.0500 | 12.0050 |
| Cattle | +1.85 | 164.30 | 132.03 |
| Hogs | -2.20 | 83.13 | 106.98 |
| Cotton | +6.19 | 86.72 | 147.70 |
| Milk | -0.40 | 16.17 | 24.80 |
| Crude Oil | +1.79 | 71.81 | 109.89 |
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Grain and oilseed futures hit the skids, with the soybean market suffering the biggest losses. A good planting pace in the Midwest and a generally benign U.S. weather forecast pressured prices, although extended forecasts are starting to indicate dryness could be an issue in June. Besides U.S. weather, there are a number of potential culprits for the selloff in the grains. This includes favorable weather in Europe; huge crops in Brazil with estimates that continue to rise; detection of bird flu in Brazil; weak U.S. export demand; worries about recession; and an agreement on the Black Sea grain export deal, which was extended early in the week. Cotton futures bucked the trend, gaining on questions about this year's crop. However, recent rains in the southern Plains should have a notable positive impact on cotton in West Texas growing areas. Those rains are also providing some badly needed drought relief in hard red winter wheat areas, although in many cases the boost to this year's crop will be minimal.
In the livestock complex, lean hog futures remained highly volatile and sold off hard, with most contracts falling to new lows. The weakness came despite strengthening cash hog prices as wholesale pork prices stayed largely flat and packer operating margins slid well into the red. Lackluster pork export sales were a negative marketing factor. Continued larger-than-expected hog marketings remained a bearish market factor. Live cattle futures continued to rebound from their early May swoon on support from firm cash markets and tightening fed cattle supplies. Expectations for Friday's monthly USDA Cattle-on-feed report to show U.S. feedlot placements below a year earlier for the eighth straight month in April helped drive speculative buying. USDA report pegged feedlot placements at 95.8% of a year earlier, with the May 1 feedlot inventory at 96.6%.
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