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June 12, 2023
In the News
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.0475 | 6.0425 | 7.7300 |
| Soybeans | +0.3400 | 13.8650 | 17.6900 |
| Wheat | +0.1125 | 6.3025 | 10.7125 |
| Cattle | -1.05 | 171.85 | 137.20 |
| Hogs | +4.97 | 89.63 | 105.00 |
| Cotton | -0.03 | 81.82 | 124.93 |
| Milk | -0.17 | 15.97 | 24.95 |
| Crude Oil | -1.48 | 70.26 | 121.51 |
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Grain and oilseed futures were mixed as traders kept a close eye on Midwest weather conditions after an unusually dry stretch. The period from the start of May into early June rivaled or even exceeded 2012 in terms of dryness, fueling concern about crops. However, there were some rains across much of the Corn Belt over the weekend and the forecast for the next 10 days shows more rain. Crop concerns are likely to persist however. Friday's monthly USDA report was largely a non-event, as USDA cut its corn export demand estimate and its soybean estimate slightly, while otherwise leaving balance sheets unchanged. The trade will soon start looking to the June 30 acreage and quarterly grain stocks reports. USDA issued a surprising increase in expected harvested acreage for cotton, reflecting a recent shift in the weather pattern that has brought badly needed rains to Texas. Rice futures rallied amid tight near-term supplies and slumping crop ratings. Wheat was underpinned by ongoing concern about the future of the Black Sea grain export deal. Crude oil was pressured by demand concerns tied to a potential recession.
In the livestock complex, live cattle futures continued to surge higher early in the week following the lead of extremely strongly strong Plains cash markets with technically-driven speculative buying adding support. Various contracts made new contract highs and an all-time high on a front-month basis. However, the August and more deferred live cattle contracts posted major bearish key reversals on Wednesday as active speculative profit taking set in. Despite the retreat there was no sign of weakness in Plains cash markets or in wholesale beef prices. Lean hog futures continued to rally on support from stronger wholesale pork and cash hog prices, with technically driven short covering also providing price support.
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