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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.1400 | 4.1125 | 5.6050 |
| Soybeans | +0.3800 | 11.8850 | 14.8550 |
| Wheat | +0.4875 | 5.7225 | 6.3950 |
| Cattle | +1.000 | 186.425 | 177.00 |
| Hogs | +0.30 | 89.875 | 95.10 |
| Cotton | -2.50 | 67.31 | 81.04 |
| Milk | -0.21 | 19.72 | 13.90 |
| Crude Oil | +1.58 | 83.16 | 73.86 |
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Grain and soybean futures were higher in a holiday-shortened week, with wheat leading the way amid short-covering and some concern about crops in Europe. Improved export sales sparked some optimism about wheat demand as well. Gains were limited, particularly in corn, by crop conditions that remain generally favorable and weather forecasts showing enough rain in the Midwest to stave off concerns about dryness as temperatures heat up during the key pollination period. There are more questions about the soybean crop, with its crucial period yet to come. Trading volume was light around the July 4 holiday, and fundamentally there's no real bullish news to drive the market, as along with good crop prospects, current supplies are ample. Cotton futures tumbled, pressured by much-welcome rains in the South including Georgia, and in some West Texas cotton areas. Crude oil was firm, with support from strong holiday driving demand and uneasiness over Hurricane Beryl, which was hammering the Texas coast to start this week.
In the livestock complex, lean hog futures were under pressure and ended the week on the defensive, falling to new contract lows in some months despite strong wholesale pork values. Ample hog supplies and high hog weights are negative market factors. Live cattle futures were firm, with some contracts rising to new multi-month highs, underpinned by their discount to cash. Plains cash cattle markets saw low volumes for the second straight week, however.
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