|
 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.1675 | 3.9975 | 6.5000 |
| Soybeans | -0.3925 | 11.3300 | 15.2900 |
| Wheat | -0.1300 | 5.7350 | 7.0825 |
| Cattle | +0.350 | 187.90 | 165.38 |
| Hogs | +1.975 | 87.20 | 86.03 |
| Cotton | +0.56 | 94.93 | 85.13 |
| Milk | -0.47 | 17.31 | 17.72 |
| Crude Oil | -2.70 | 76.49 | 76.32 |
|
Grain and oilseed futures suffered more losses, falling to new major lows in corn and soybeans amid favorable South American weather, ample world supplies and a lack of export demand, along with technical selling. Large South American supplies continue to undercut U.S. soybean exporters, with some of those Brazilian soybeans actually ending up on the U.S. East Coast. While Brazil endured heat and dryness that took some yield off the soybean crop, it's still a large one, and more recently conditions for Brazil's second-crop corn have been very favorable. Wheat remains under pressure from large Black Sea supplies, as the grains markets seem unfazed by the war in Ukraine, and in Gaza. Cotton futures pulled back from their recent contract highs, but nearby March climbed back into positive territory for the week. Grain bulls are hoping that the large short position held by speculators, and net long position held by commercial traders, are signs of a market poised to "snap back" like a rubber band. Crude oil, like the grains, seems to be mostly unfazed by geopolitical turmoil, and futures fell on the week.
In the livestock complex, Lean hog futures broke out through key chart support to long-term highs on Tuesday and continued to move higher on support from strong cash hog prices, cattle market strength and indications of a resilient U.S. economy. Strong packer demand boosted cash hog markets as operating margins remained favorable despite some weakness in wholesale pork prices caused by large production. In live cattle, most-active April futures finished higher for a ninth straight week on support from firm Plains cash markets and stronger wholesale beef prices. Friday's Cattle on Feed report looked largely neutral relative to trade expectations, although at 92.7% of a year earlier, January feedlot placements were near the high end of expectations.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
|
