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July 10, 2023
In the News
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| Most Read Items From Prior Issue of |  |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.0025 | 4.9450 | 5.9600 |
| Soybeans | -0.2550 | 13.1775 | 13.6600 |
| Wheat | -0.0150 | 6.4950 | 8.3600 |
| Cattle | -0.18 | 177.00 | 134.55 |
| Hogs | +2.55 | 95.15 | 109.50 |
| Cotton | +0.80 | 81.17 | 91.88 |
| Milk | -0.28 | 13.90 | 22.64 |
| Crude Oil | +3.22 | 73.86 | 102.73 |
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Grain and oilseed futures were mostly lower, pressured by a mostly favorable Midwest weather outlook as traders continued to digest the implications of the June 30 acreage report. Corn remained under pressure to start the holiday-shortened week after USDA estimated corn acres at more than 94 million, but the market managed to rebound after the Fourth of July before pulling back Friday. Soybeans meanwhile retreated a little from their strong gains that had been fueled by USDA's acreage estimate of just 83.5 million. In the background was a forecast showing just enough rain over the next 10 days to prevent significant crop stress from developing. While the region will still need timely rains late in the month, some of the worst fears about drought this summer are fading. Wheat prices were pressured by the ongoing winter wheat harvest and mostly benign conditions in Europe and Australia, but the downside was limited by the ongoing concerns over the war in Ukraine, and uncertainty about the Black Sea grain export deal, which expires next week. Cotton futures were firm, supported by solid demand, heat in Texas, and firm crude oil prices.
In the livestock complex, lean hog futures soared to new highs amid strong cash market fundamentals and firm wholesale pork values. Nearby months made new four-month highs before pulling back late in the week. Deferred lean hog contracts were more subdued. China's disappointing post-Covid recovery is clouding the export picture for pork. Live cattle were pressured by a second straight week of light Plains cash market trade, although the trade that did emerge late in the week was at steady-higher prices. Nearby months ended the week near their June highs. Feeder cattle futures soared to new contract highs at mid-week before a rebound in the corn market helped to stall the rally.
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