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April 22, 2024
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 | 4.4350 | 5.6925 |
| Soybeans | -0.2350 | 11.5050 | 13.0975 |
| Wheat | -0.0575 | 5.5025 | 7.2650 |
| Cattle | +4.20 | 175.68 | 173.28 |
| Hogs | +2.75 | 104.83 | 94.40 |
| Cotton | -3.93 | 78.69 | 82.31 |
| Milk | +1.39 | 17.80 | 18.60 |
| Crude Oil | -2.36 | 83.14 | 75.97 |
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Grain and oilseed futures were mostly lower on the week, with pressure from lackluster export demand, large South American supplies and generally favorable Midwest weather. While planting conditions aren't ideal, and the eastern Corn Belt in particular looks to see some early delays, overall the pattern in recent weeks has been helpful in boosting soil moisture, especially where it was needed in the western Corn Belt. The grains complex, especially wheat, had some support late in the week from geopolitical concerns, as Israel launched a missile attack on Iranian facilities. That attack initially looked like the potential spark for a wider war in the Middle East that would involve the U.S. and disrupt movement of commodities including wheat and crude oil. Those concerns have since eased, but it's still a volatile situation and the potential for another Iranian response could keep traders on edge. Cotton futures were pressured during the week by a firm U.S. dollar and technical selling. Rice futures soared, with nearby contracts propelled by tight supplies.
In the livestock complex, live cattle futures had a modest recovery from the prior week's losses as concerns about bird flu in dairy herds subsided at least temporarily. Futures' discounts to Plains cash markets spurred speculative bargain hunting and short covering ahead of Friday afternoon's USDA Cattle-on-Feed report. Feedlots remain slow sellers of cattle, which is keeping market-ready supplies well above a year ago. While Friday's Cattle on Feed report pegged the April feedlot inventory at 101.5% at the low end of trade expectations, it implies April 1 supplies of market-ready cattle (on feed for more than 120 days) were a hefty 13.4% above a year earlier. March feedlot placements were only 87.7% of a year earlier. Lean hog futures consolidated through midweek before rallying on Friday. The market had support from firm cash hog and wholesale pork prices.
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