|
|
|
|
|
|
July 24, 2023
In the News
Be sure to register and attend NAMA's Boot Camp for beginning agri-marketers. August 9-11, Kansas City, MO. For more info click here. |
| Most Read Items From Prior Issue of |  |
|
|
|
|
|
|
|
 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.2250 | 5.3625 | 5.7350 |
| Soybeans | +0.3100 | 14.0175 | 13.0150 |
| Wheat | +0.3600 | 6.9750 | 8.0625 |
| Cattle | -0.72 | 181.90 | 140.98 |
| Hogs | +0.65 | 84.25 | 95.78 |
| Cotton | +3.26 | 84.48 | 91.60 |
| Milk | +1.61 | 16.70 | 20.36 |
| Crude Oil | +1.60 | 76.92 | 96.35 |
|
Grain and oilseed futures rallied, boosted by the escalation between Russia and Ukraine in the Black Sea worries about how that will affect global food security and grain flows. The week started with news that Russia had terminated the Black Sea export deal, and that Ukraine had bombed a key bridge to Crimea. As the week progressed, the two countries warned that ships in the Black Sea could be assumed to be carrying military assistance, adding the prospect of an attack that could expand the conflict further, and Russia attacked key facilities in the port city of Odesa. To start this week Russia expanded its attacks to facilities on the Danube River. The mitigating factor in the near-term is that Russia still has large wheat supplies, and has promised to meet existing promises to poorer countries, particularly in Africa. But food security is a rising concern, also raised by news that key exporter India had banned non-Basmati rice exports. Heat and dryness in the forecast for the Midwest added support to corn and soybean prices, even though crop ratings have been improving recently.
In the livestock complex, Lean hog futures came under pressure to start the week from some apparent demand concerns and technically-driven selling, but rebounded sharply on Thursday. Futures were underpinned by continued strength in cash hog prices and a strong rebound in wholesale pork prices from early-week weakness. Nearby August lean hog futures surged to a four-month high on Thursday on support from their discount to the CME cash lean hog index. Live cattle futures exploded to new contract highs on Thursday only to reverse lower amid position evening ahead of USDA's monthly Cattle-on-Feed and semi-annual Cattle Inventory reports. Friday's USDA reports appeared to hold mixed news for the cattle market, with the semi-annual Cattle Inventory report looking bullish for the long-term price outlook.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
|
|
|
|
|
|
|
|
|
|
