|
|
|
|
|
|
July 29, 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 | +0.005 | 3.,9100 | 5.2100 |
| Soybeans | -0.1975 | 10.7750 | 14.8675 |
| Wheat | -0.1975 | 5.2350 | 7.0425 |
| Cattle | +5.475 | 188.575 | 178.150 |
| Hogs | +1.850 | 93.425 | 103.20 |
| Cotton | -4.30 | 65.68 | 85.06 |
| Milk | -0.02 | 19.83 | 13.81 |
| Crude Oil | -2.97 | 77.16 | 80.58 |
|
Grain and oilseed futures were mostly lower on the week, as a shift in the Midwest weather outlook erased growing concerns about heat and dryness that had started to rally the market. The prospect of intense heat, particularly in the western Midwest, helped to drive soybean prices early in the week, as that crop is still vulnerable to conditions in August. But by late Thursday, forecasts were looking less dire, with the most intense heat staying further to the west, and rains over the weekend further alleviated soybean crop concerns. Meanwhile the U.S. crop crop looks to be in strong shape and has reached pollination in very favorable conditions. Strong ethanol demand, and a pickup in soybean export sales, are supportive factors, but the demand outlook is not enough to offset large existing supplies and prospects for another large crop this fall. Wheat was pressured by very impressive results on the Wheat Quality Council crop tour, which found record spring wheat yield potential across North Dakota. Cotton futures tumbled to new contract lows with pressure from a notable improvement in crop conditions in Texas and weaker crude oil. The crude market was pressured by progress toward a ceasefire in Gaza.
In the livestock complex, live cattle futures got a significant boost to start the week from firm Plains cash trade and USDA's supportive Cattle-on-Feed report. Although stock market weakness weighed on futures, further support came from stronger-than-expected U.S. economic growth and tame inflation data that spurred hopes for interest rate cuts. Higher southern Plains cash prices came despite indications of large market-ready cattle supplies and negative packer operating margins. Lean hog futures continued to rebound on support from strengthening cash hog/wholesale pork prices and favorable U.S. economic news. Improved packer operating margins were also supportive for prices. Gains were limited by large hog supplies and high slaughter weights.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
|
|
|
|
|
|
|
|
|
|
