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July 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 | -0.0950 | 3.9050 | 5.2700 |
| Soybeans | -0.0775 | 10.9725 | 15.01 |
| Wheat | +0.0475 | 5.4275 | 6.9750 |
| Cattle | +0.7250 | 183.100 | 186.625 |
| Hogs | +2.8700 | 91.575 | 100.675 |
| Cotton | +0.76 | 69.68 | 85.08 |
| Milk | +0.06 | 19.85 | 13.81 |
| Crude Oil | -2.08 | 80.13 | 77.07 |
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Grain and oilseed futures were under pressure for much of the week, making new contract lows in corn, soybeans and Chicago soft red winter wheat amid trend-driven technical selling and mostly benign U.S. weather. Despite some severe weather events including a widespread Derecho event, overall conditions across the Midwest have been mostly favorable in July, and that trend has continued into the latter part of the month with mild temperatures and sunshine setting the stage for a drama-free pollination period for corn. For wheat, large supplies in the Black Sea region remain a negative market factor. Meanwhile the demand outlook is still somewhat gloomy, especially for soybeans. China has finally started buying some U.S. soybeans for 2024-25, but they are far behind their normal pace. Brazil continues to take market share for soybean exports, and there are questions about how much China will import overall amid a slowing economy there. Those questions about China are also a negative for cotton, although December futures have continued to hold above the 70-cent level.
Lean hog futures surged higher on support from technically driven short covering and stronger wholesale pork prices. A rise in expectations that U.S. interest rates will fall also may have helped eased demand concerns. Gains were limited by ample hog supplies and high slaughter weights. Technically, the hog futures market looks like one that has put in a significant low. Liquidation of the U.S. sow herd appears to be slowing. During the six-week period ended June 29, sow slaughter ran slightly below a year earlier and made up a slightly lower percentage of total U.S. slaughter. Live cattle futures firmed to start the week, finding fresh support from their discounts to Plains cash trade and rising expectations for Fed interest rate cuts. However, futures took a tumble on Thursday as falling wholesale beef prices and U.S. stock market weakness raised new demand concerns. Friday's Cattle on Feed report looked to be supportive for prices.
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