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June 24, 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 | -0.1500 | 4.3500 | 6.3075 |
| Soybeans | -0.1925 | 11.6050 | 14.9450 |
| Wheat | -0.5125 | 5.6150 | 7.3325 |
| Cattle | +0.775 | 187.600 | 177.500 |
| Hogs | +0.900 | 92.050 | 91.275 |
| Cotton | -2.78 | 68.19 | 78.06 |
| Milk | +0.04 | 19.91 | 14.93 |
| Crude Oil | +2.28 | 80.73 | 69.16 |
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Grain and soybean futures were mostly lower on the week with continued pressure from a generally favorable Midwest weather outlook. Wet weather has plagued the western Corn Belt throughout the growing season thus far, and that pattern has intensified recently, with several inches of rain in the past week across northern Iowa, southern Minnesota and into South Dakota causing widespread flooding. This will result in fields being replanted and yield loss, but much of the rest of the Corn Belt has seen favorable conditions, and even areas where rains have been excessive, there is still a "rain makes grain" mentality, and weather forecasters say the pattern does not mirror past historic flood seasons such as 1993 and 2008. Meanwhile South American supplies are ample and U.S. export demand is mostly lackluster. Ideas that farmers are still holding on to large supplies of old-crop grain that will soon have to be sold also hang over the market. Cotton futures fell to their lowest level in more than a year and a half, despite strong weekly export sales. Crude oil rallied to a multi-week high, with optimism about gasoline demand and increased expectations for a Fed interest rate cut boosting prices.
In the livestock complex, lean hog futures had an up-and-down week, initially rallying on technical follow-through and stronger wholesale pork prices before pulling back toward their recent lows under pressure from ample hog supplies and renewed weakness in pork values. Live cattle futures consolidated as traders awaited Friday's monthly USDA Cattle-on-Feed report. A firm cash market tone and prospects for USDA to peg the June 1 feedlot inventory below a year earlier underpinned futures, while high slaughter weights remained a negative market factor. The Cattle-on-Feed report was neutral to slightly bearish for prices as May feedlot placements came in at 104.3% of a year earlier.
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