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June 17, 2024
In the News
The latest issue of Agri Marketing magazine is now available for viewing online. It includes the Best of NAMA winners, profiles of NAMA’s AgriBusiness, Marketer and Ag Association leaders of the year recipients plus much more!
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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 | +0.0250 | 4.5000 | 6.4025 |
| Soybeans | +0.0500 | 11.7975 | 14.6650 |
| Wheat | +0.0525 | 6.1275 | 6.8800 |
| Cattle | +4.650 | 186.825 | 178.35 |
| Hogs | +1.350 | 91.175 | 92.850 |
| Cotton | -2.87 | 70.97 | 81.46 |
| Milk | +0.37 | 19.87 | 14.94 |
| Crude Oil | +2.82 | 78.45 | 71.78 |
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Grain and oilseed futures were mostly higher on the week, with the complex underpinned by short-covering after sharp recent losses, some fresh soybean export demand and uncertainty about U.S. crop potential with heat expected to persist across the Midwest through at least the end of June. Excessive rains in the western Corn Belt coupled with heat in the eastern Corn Belt has cast a shadow over U.S. corn and soybean crop prospects, although condition ratings early in the year remain relatively strong and a "rain makes grain" mindset has helped to keep prices in check. USDA's Supply and Demand report on Wednesday was mostly a non-event, as there were no changes at all to the corn domestic balance sheet and only minor changes to soybeans. USDA reported fresh soybean export sales three days in a row during the week, feeding some hope that China may be finally starting to ramp up purchases. The USDA report was negative for cotton futures, which fell to their lowest level in more than a year and a half amid a softer export demand outlook. A strong U.S. dollar also weighed on cotton, and commodities generally.
In the livestock complex, live cattle futures chopped around for the first 3-1/2 days of the week amid a lack of signals from Plains cash markets and mixed news on U.S. interest rates. However, futures took off for the upside after midsession Thursday amid stronger-than-expected cash trade and roared higher on Friday. Feeder cattle futures rallied with live cattle, also finding support from tightening supplies and stronger cash feeder prices. It was a wild week for lean hog futures with prices riding a roller coaster amid pork price volatility and technically oversold market conditions that encouraged short-covering and speculative bargain hunting. Mixed signals on U.S. interest rates also contributed to the volatility.
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