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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.02500 | 4.3925 | 5.6850 |
| Soybeans | -0.05750 | 11.9250 | 12.7725 |
| Wheat | +0.262500 | 5.5475 | 7.1650 |
| Cattle | +0.2500 | 187.50 | 171.65 |
| Hogs | -2.35 | 84.58 | 83.70 |
| Cotton | -2.41 | 91.53 | 79.16 |
| Milk | -0.01 | 16.42 | 18.91 |
| Crude Oil | +0.30 | 80.88 | 67.86 |
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Grain and oilseed futures were mixed on the week, with wheat showing the most strength. It gained in part on the intensification of the war between Ukraine and Russia, which included fresh Russian attacks on Ukraine grain export infrastructure. A terrorist attack in Moscow, although linked to ISIS, is also heightening tensions in the region. Corn and soybeans were subdued on the week, with soybeans ending the week softly amid weak demand. The entire grain and oilseeds complex is waiting for Thursday's key USDA reports on quarterly grain stocks and planting intentions, with the trade generally still expecting a small shift in acreage away from corn and toward soybeans. Mostly benign South American weather is a negative factor for soybeans, and a recent shift in U.S. weather patterns may also aid this year's crop prospects, as the Upper Midwest and western Corn Belt is seeing rain and snow, alleviating drought conditions. Cotton futures tumbled in old-crop contracts amid technical selling and soft demand, but new-crop futures remained steady and in a sideways range. The Fed's monthly policy pronouncement included no interest rate cut, as expected, and the Fed also reaffirmed expectations for three rate cuts this year.
In the livestock complex, live cattle futures were pressured late in the week despite encouraging Plains cash trade, which was up $2 to $3 from the prior week. Traders were awaiting the monthly Cattle on Feed report, which showed bearish placements at 110% of a year ago, versus trade expectations of 106.4%. Overall, on-feed numbers were just 101% of a year ago, in line with expectations. Beef packer margins remain deeply in the red. Lean hog futures surged to start the week, seeing good follow-through from the prior week's close and rallying to new highs, including contract highs in the August and the October. However, the market steadily fell apart after Monday.
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