|
|
|
|
|
|
July 15, 2024
In the News
Be sure to register and attend the annual Agricultural Media Summit, August 3-6 in Kansas City, MO. For more information click here. |
| Most Read Items From Prior Issue of |  |
|
|
|
|
|
|
|
 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.1125 | 4.0000 | 5.9975 |
| Soybeans | -0.5400 | 11.3450 | 14.9575 |
| Wheat | -0.3425 | 5.3800 | 6.4150 |
| Cattle | -4.500 | 182.375 | 180.175 |
| Hogs | -1.150 | 88.70 | 101.975 |
| Cotton | +1.61 | 68.92 | 82.66 |
| Milk | +0.04 | 19.76 | 13.82 |
| Crude Oil | +0.83 | 82.21 | 75.42 |
|
Grain and oilseed futures spent another week on the defensive, pressured by favorable Midwest weather, lackluster demand and technical selling. Corn and soybean contracts have fallen to their lowest levels in three or four years, while in wheat futures made new contract lows. For corn and soybeans, ample rains over the central and eastern Corn Belt helped alleviate dryness concerns there, and with corn in the midst of pollination, forecasts are calling for mild temperatures over the next 10 days for much of the Midwest. The corn market did get a boost on Friday as USDA in its monthly Supply and Demand report surprisingly raised demand estimates and the U.S. carryout projections fall. However, USDA's revisions were bearish for wheat, and mostly neutral for soybeans. With a lack of demand from China for soybeans and the favorable Midwest weather outlook, the path of least resistance for soybeans remained lower. Cotton futures were pressured recent rains in key growing areas, but December cotton for now remains above the 70-cent level. Rice futures were pressured by a favorable U.S. crop outlook and limited near-term demand.
In the livestock complex, lean hogs have remained volatile, with ample hog supplies and demand uncertainty weighing heavily on prices. After collapsing to new lows on Wednesday, most-active August lean hogs rallied sharply on Thursday and Friday on support from stronger pork prices and technically driven short covering, but the December and more deferred contracts struggled to recover amid expectations for hog supplies to remain ample into 2025. The near-term supply fundamentals in the hog market remain negative with both hog slaughter and hog weights running above a year ago. Live cattle futures were pressured by lower cash cattle prices, weaker wholesale beef prices and technical weakness.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
|
|
|
|
|
|
|
|
|
|
