In the News

Nominate a colleague in Nat'l Agri-Marketing Assn's (NAMA) Professional Development Awards. For details click here.

Most Read Items From Prior Issue of

WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.1250	4.0850	3.9050
Soybeans	+0.2350	10.2775	10.9725
Wheat	+0.0125	5.4625	5.4275
Cattle	+1.3500	223.550	183.10
Hogs	-0.2500	106.475	91.575
Cotton	+0.92	67.12	69.98
Milk	+0.08	17.45	19.85
Crude Oil	-1.11	67.34	80.13

Grain and oilseed futures were mostly higher on the week, with gains driven by short-covering, bullishness about renewable diesel demand, and uncertainty about hot weather and the potential impact on the soybean crop. The markets climbed despite a Midwest weather outlook that has remained mostly favorable, with historically high crop condition ratings for corn in particular. That is sending yield estimates higher, but at this point traders may have largely priced in a large corn crop. The soybean crop could still be vulnerable to the hot weather that mostly persists in the Midwest. There's no sign yet of any significant drought issue, however. Winter wheat prices were firm as harvest pressure starts to abate, while spring wheat prices were pressured by a big jump in crop condition ratings. Improved crop conditions for cotton, particularly in Texas, hang over that market, while rice futures made new contract lows. The trade situation remains a wildcard hanging over the grain and oilseeds complex, with limited progress on any trade deals as the August deadline approaches for other countries to avoid a significant tariff hike by the U.S.

In the livestock complex, live cattle and feeder cattle futures markets remained extremely volatile. However, the bull market in live cattle futures clearly remained alive and well with futures surging to new contract highs again on support from their discounts to Plains cash markets. Futures held firm despite further seasonal weakness in wholesale beef prices and a sharp deterioration in packer operating margins. Feeder cattle futures spent the week consolidating, with prices continuing to find strong support from tightening U.S. supplies and the suspension of cattle imports from Mexico. Lean hog futures came under further pressure from speculative long liquidation early in the week, but rallied after that as wholesale pork prices strengthened, and cash hog markets stabilized.

Click on the Brock logo or call 1-800-558-3431 for more info on our services.