|
|
|
|
|
|
August 28, 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.
|
| Most Read Items From Prior Issue of |  |
|
|
|
|
|
|
|
 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.0500 | 4.8800 | 6.5000 |
| Soybeans | +0.3450 | 13.8775 | 14.315 |
| Wheat | -0.1725 | 6.2175 | 7.8900 |
| Cattle | +2.35 | 181.18 | 143.65 |
| Hogs | -2.30 | 79.83 | 91.10 |
| Cotton | +3.69 | 87.31 | 114.11 |
| Milk | +0.43 | 18.92 | 20.01 |
| Crude Oil | -0.61 | 80.05 | 92.52 |
|
Soybean futures rallied, with underpinning throughout the week from heat and dryness across the Midwest. Temperatures climbed into the upper 90s and triple digits in some areas, with most areas also seeing little if any rain. This has taken a toll on the soybean crop in particular, and the forecast shows the pattern continuing through the first 10 days of September. The Pro Farmer crop tour findings mostly confirmed crops that were somewhat disappointing overall, but not disastrous. Meanwhile South America is poised for another large crop, with El Nino years strongly correlated with good yields in Brazil. Weak export demand is weighing on the wheat market, along with abundant Russian supplies, though the downside is starting to be limited by worry over hard red winter wheat planting in the drought-stricken southern Plains. Cotton futures surged, driven by crop losses in West Texas due to heat and dryness. Rice futures were firm, supported by growing concerns over supplies and prices in Asia, due in part to a historically dry August in India, which is in the tail end of its monsoon season.
Crude oil was pressured by U.S. production, which rose to a new three-year high, and by concerns about Chinese demand as the economy there continues to show signs of strain. In the livestock complex, live cattle futures were firm, bolstered by the intense heat in the Plains and solid wholesale beef prices. Plains cash cattle trade was mostly weaker from a week ago, however. Lean hog futures fell, with pressure late in the week from sharply lower wholesale pork values. China's troubled economy is another negative factor for the pork complex. Futures' downside is limited by futures' large discount to the cash CME Lean Hog Index.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
|
|
|
|
|
|
|
|
|
|
