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July 6, 2023
In the News
Be sure to register and attend the 2023 Ag Media Summit July 30-August 2 in Palm Springs, CA. For more information click here. |
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Do you have employees new to the industry?
Sign them up for
NAMA Boot Camp, August 6-8 in Kansas City. Details and registration information
here.
NAMA Nexus coming in October
Mark your calendar for
NAMA Nexus (formerly Fall Conference) October 14-16 at the fabulous
Pfister Hotel in Milwaukee. |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.9325 | 4.9475 | 6.2000 |
| Soybeans | +0.3325 | 13.4325 | 14.5800 |
| Wheat | -0.9550 | 6.5100 | 8.8400 |
| Cattle | +6.40 | 177.18 | 132.58 |
| Hogs | +2.93 | 92.60 | 102.10 |
| Cotton | +1.70 | 80.37 | 98.84 |
| Milk | -1.18 | 14.17 | 22.53 |
| Crude Oil | +1.51 | 70.67 | 105.76 |
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The corn and soybean markets were jolted by Friday's USDA acreage and June 1 stocks report. The acreage report in particular was a shocker, and sent corn and soybeans in different directions. Soybeans soared as USDA estimated acreage at just 83.5 million, a full four million below what it had estimated in the March planting intensions report. Analysts were on average expecting little if any change. The grain stocks report was also lower-than-expected for soybeans. At the same time, USDA projected corn acreage at 94.1 million, up two million from the March intentions report and far above trade expectations. Corn prices had already been on the defensive due to an improving weather outlook showing adequate rains across the first half of July, which should prevent further stress on crops during pollination. Wheat futures felt pressure from corn, increased spring wheat acreage, the winter wheat harvest and improved weather conditions in Europe. The trade continues to watch discussion over the Black Sea grain export deal, set to expire at mid-month. Soybean prices continued to surge on July 3, while the corn market tried and failed to maintain a rebound from the late-June swoon.
In the livestock complex, live cattle futures rallied, lifted in part by soaring feeder cattle prices that were reacting to the plunge in feed costs. Firm wholesale beef prices and futures' discount to Plains cash prices also boosted the live cattle market. A strong stock market and easing inflation are supportive factors as well. Plains cash trade has been light. Lean hog futures were higher amid strong cash hog fundamentals. The June 29 quarterly Hogs and Pigs report looked somewhat bearish for front-end contracts, but bullish for back-end futures with June-August farrowing intentions coming in at just 96.1% of a year earlier and September-November intentions coming in at only 95.5% of a year earlier.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
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