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September 6, 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 | -0.0200 | 4.8600 | 6.5800 |
| Soybeans | -0.2275 | 13.6500 | 13.9475 |
| Wheat | -0.2250 | 5.9925 | 7.9425 |
| Cattle | -1.22 | 179.95 | 142.80 |
| Hogs | +3.35 | 83.18 | 91.95 |
| Cotton | +1.45 | 88.76 | 108.21 |
| Milk | +0.23 | 18.88 | 19.52 |
| Crude Oil | +6.91 | 86.74 | 86.61 |
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Grain and oilseed futures have been under pressure from what is expected to be an early harvest, weak export demand for corn and wheat, and a strengthening U.S. dollar. A hot and very dry August and start of September is bringing the crop to maturity early, and harvest pressure is likely to weigh on prices over the next several weeks. That heat and dryness has not been good for yields however. At this stage further heat and dryness will have little impact on production, but the trade will be trying to gauge how much damage has been done. The dryness is also drawing down Mississippi River water levels, which threatens to slow down barge traffic, hinder export potential and weaken basis levels for the second year in a row. As South American planting starts up the early expectation is for large corn and soybean crops there. Meanwhile on the demand side, while soybean export sales have picked up considerably, corn and wheat sales remain slow. Cotton futures were underpinned by the bleak outlook for the Texas crop. Rice futures continue to get support from supply concerns in India.
Crude oil prices surged amid extended production cuts by Russia and Saudi Arabia. In the livestock complex, live cattle futures pushed out to two-week highs ahead of the Labor Day weekend, boosted by concerns about the impact of recent extreme heat on cattle and the overall trend of declining cattle supplies. However Plains cash trade was once again slow to develop, and at lower prices. Lean hog futures remained choppy, with support from futures' big discount to cash, although seasonal weakness in prices should help close that gap. Wholesale pork prices stabilized after tumbling in late August, but remained well below year-ago levels.
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