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August 26, 2024
In the News
The next issue of Agri Marketing magazine will include an update on Farm Broadcasting. To schedule your ad, contact Audrey Evans at AudreyE@AgriMarketing.com.
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.0275 | 3.6775 | 4.7075 |
| Soybeans | +0.1325 | 9.52 | 13.81 |
| Wheat | -0.2775 | 5.0225 | 5.9325 |
| Cattle | -0.225 | 182.575 | 180.675 |
| Hogs | +4.80 | 80.55 | 79.825 |
| Cotton | +4.63 | 71.29 | 87.51 |
| Milk | +0.09 | 20.66 | 17.21 |
| Crude Oil | -1.82 | 74.83 | 79..83 |
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Grain and oilseed futures were mixed on the week, with wheat tumbling to new contract lows while corn and soybeans stayed under pressure from expectations of huge U.S. crops. While corn and soybeans held above their recent lows, bulls were unable to gain any traction as the Pro Farmer crop tour found strong yield potential across the Midwest, with corn in Minnesota being the only notable exception. While hot and dry weather over the weekend and early this week has raised some concern about stress on soybeans, it is not enough to change the market mindset significantly. One bright spot is that China or "unknown destinations" were a consistent buyer of soybeans during the week. Wheat fell in part on concerns about a rail stoppage in Canada. Transportation issues are also a potential concern for corn and soybeans, with Mississippi water levels dwindling headed into harvest for the third year in a row. Cotton futures rebounded amid short-covering and deteriorating U.S. crop conditions. Crude oil fell amid easing concerns about a broader war in the Middle East. A sharply lower U.S. dollar, falling in anticipation of a Fed rate cut in September, could provide some support for commodities.
In the livestock complex, live cattle and feeder cattle futures bounced higher to start the week amid hopes for firm cash trade, but the rebound was short-lived as futures collapsed again on Tuesday amid active commodity fund selling that seemed to be primarily technically-driven. While supply fundamentals are supportive for prices, the technical outlook is negative. Friday's Cattle-on-Feed report looked largely neutral relative to trade expectations, pegging the Aug. 1 feedlot inventory at 100.3% versus an average trade estimate of 100.0%. July feedlot placements came in at 105.8%. Lean hog futures ignored seasonal weakness in cash hog prices and poor U.S. pork export sales, and overcame pressure from Wednesday's hard sell-off by cattle futures to post solid gains.
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