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June 26, 2023
In the News
The next issue of Agri Marketing will feature the 2023 Farm Show Guide. Watch for an e-mail from us asking you to update your Show's information. To view a copy of the 2022 Farm Show Guide, click here. |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.095 | 5.8800 | 6.5600 |
| Soybeans | -0.03225 | 13.1000 | 14.1600 |
| Wheat | +0.45 | 7.46500 | 9.4900 |
| Cattle | -0.95 | 170.780 | 133.88 |
| Hogs | -1.00 | 89.68 | 103.68 |
| Cotton | -1.43 | 78.67 | 102.01 |
| Milk | +0.04 | 15.35 | 23.46 |
| Crude Oil | -2.77 | 69.16 | 104.27 |
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Corn and soybean futures surged to new highs for the weather rally on Wednesday on lower-than-expected U.S. crop ratings, but then slid back sharply on Thursday and Friday. Wetter forecasts for the U.S. Corn Belt and technically overbought market conditions drove heavy speculative profit taking on long positions. Poor export demand for U.S. corn remained a negative market factor, while weekly soybean export sales improved. Some areas of the Corn Belt did receive favorable rainfall over this past weekend, while other areas remain very dry. Wheat futures were boosted to 4-week highs by lower-than-expected U.S. spring wheat crop ratings, corn market strength and dryness in Europe.
Live cattle futures set back under pressure from indications the cash cattle market and wholesale beef prices have topped seasonally, prospects for U.S. interest rates to rise further and position evening ahead of Friday's USDA Cattle-on-Feed report. That report showed higher-than-expected May feedlot placements and a larger-than-expected June 1 feedlot inventory. Lean hog futures were pressured by speculative profit taking amid technically overbought market conditions despite seasonal cash market strength.
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