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August 21, 2023
In the News
The next issue of Agri Marketing magazine will include a Farm Broadcasting Update. To schedule your ad, contact Audrey Evans at AudreyE@AgriMarketing.com. The Farm Progress Show runs next Tuesday thru Thursday in Decatur, IL.
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.0575 | 4.9300 | 6.1575 |
| Soybeans | +0.4575 | 13.5325 | 14.0525 |
| Wheat | -0.1475 | 6.3900 | 7.5325 |
| Cattle | -2.50 | 178.83 | 144.75 |
| Hogs | +0.80 | 82.13 | 93.30 |
| Cotton | -4.27 | 83.62 | 112.70 |
| Milk | +0.52 | 18.50 | 20.26 |
| Crude Oil | -1.93 | 70.64 | 90.11 |
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Grain and oilseed futures were mixed for the week. Soybeans were the big gainer, rallying on a hot and dry weather pattern settling into the Midwest in the second half of August. The heatwave is bringing temperatures in the upper 90s or triple digits this week, and there will be little if any rain to accompany it over the next several days. This is feeding concern about the soybean crop, and to a lesser extent the corn crop. An uptick in soybean export demand has also been supportive. Traders will be watching results from a major crop tour in the coming week, as arguments about yields start to heat up in the trade. The corn market failed to gain traction despite the gains in soybeans, as the new crop corn carryout is likely to remain comfortable even if the crop is disappointing. Wheat was pressured by soft demand for U.S. wheat and a lack of fresh bullish news out of the Black Sea region. Cotton futures fell sharply despite the bleak outlook for the Texas crop. Crude oil futures were lower, pressured by U.S. output hitting a three-year high and uncertainty about demand as fuel prices at the pump rise.
In the livestock complex, live cattle futures were under pressure for much of the week amid weakness in Plains cash cattle markets. After several weeks of late-week, light trade, cash trade picked up earlier last week, but at prices that were notably lower from the prior week. Traders spent the week in anticipation of Friday's Cattle on Feed report, which looked supportive for prices. Placements of 92.0% of a year ago compared to the average analyst estimate of 94.5%. Total feedlot inventories came in at 98.0%, versus 98.4% expected. Lean hog futures were firm, underpinned by a large discount to the CME cash index.
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