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July 7, 2025
In the News
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.1400 | 4.3150 | 4.1125 |
| Soybeans | +0.2850 | 10.5625 | 11.8850 |
| Wheat | +0.2300 | 5.4775 | 5.7225 |
| Cattle | +0.7500 | 214.05 | 186.425 |
| Hogs | -5.500 | 107.975 | 92.00 |
| Cotton | -1.86 | 65.66 | 67.31 |
| Milk | -0.19 | 17.37 | 19.72 |
| Crude Oil | +1.48 | 67.00 | 83.16 |
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Grain and oilseed futures rallied ahead of the three-day Fourth of July weekend, with gains driven by short-covering and optimism about U.S. trade. A "framework" deal announced with Vietnam helped drive that optimism, as traders looked ahead to this week's July 9 deadline for deals to avoid the "reciprocal tariffs" President Trump had announced in the spring. Meanwhile rumors that Trump was going to announced a deal or major purchases of U.S. ag products by China during a visit to Iowa on Thursday evening attracted more speculative buying. However, that announcement failed to materialize, and traders are waiting for progress on new deals, with China or other countries. Weather conditions in the Midwest remain highly favorable, which is especially important this time of year for corn, and yield expectations are rising. The week had started with USDA's major acreage and grain stocks reports, which ended up being mostly a non-event for corn, soybeans and wheat. USDA's cotton acreage estimate however was higher than expected, helping to drive that market lower. Crude oil rallied on worries about the Middle East, questions about U.S. production and optimism about the economy and demand in the wake of a better-than-expected monthly jobs report on Thursday.
In the livestock complex, lean hog futures were pressured by technically-driven long liquidation and indications cash hog markets may have topped out seasonally, while finding support from their discount to the CME cash lean hog index. Live cattle futures closed the week strong, supported by their continued discount to Plains cash markets. Most southern Plains live cattle sales last week came at $222-$224, steady to slightly lower from a week earlier. Traders will be watching for indications of holiday weekend beef clearance amid concerns that record-high beef prices are eroding demand.
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