Weekly Market Recap (6/17)
Corn: July corn dropped 3 3/4 cents to $7.84 1/2 after touching $8.00 overnight. December corn fell 4 cents to $7.31. For the week, July corn firmed 11 1/4 cents and the December contract rallied 10 1/2 cents. Midwest weather will be key to next week’s market direction following the three-day holiday weekend, with crop-stressing extreme heat expect to persist.
Soybeans: July soybeans fell 7 1/2 cents to $17.02, down 43 1/2 cents for the week, while November soybeans fell 5 3/4 cents to $15.37 1/2. July soymeal rose $8.40 to $438.10, while July soyoil fell 255 points to 73.79 cents. Soybean futures tumbled to end the week as spillover from sharp declines in soyoil overshadowed Midwest weather.
Wheat: July SRW wheat fell 44 cents to $10.34 1/4, down 36 1/2cents for the week and the lowest closing price since April 7. July HRW wheat fell 43 1/2 cents to $11.05 and July spring wheat tumbled 39 1/2 cents to $11.69 1/2. Winter wheat futures sank to the lowest levels in over two months amid U.S. dollar strength and increasing pressure from the U.S. Plains harvest.
Cattle: August live cattle gained 27.5 cents to $136.575, up 37.5 cents for the week. August feeders rose $1.65 to $172.95, down $1.525 for the week. Futures gained as a Plains heat wave constrained animal supplies and pushed cash prices higher. USDA-reported live steers averaged $144.10 through Thursday morning, up $4.00 from last week’s average.
Hogs: July lean hogs rose $1.425 to $110.30, up $5.525 for the week. August hogs rose $1.85 to $107.875. Hog futures surged to two-week highs as wholesale market strength conveyed firm retail demand. Pork cutout values rose $1.87 early today to $113.23.