Weekly Market Recap (7/29)
Corn: December corn futures rose 1 cent to $6.20, up 55 3/4 cents for the week and the highest closing price since July 11. December futures rose a fifth straight session on concern over heat and dryness expected in much of the Midwest during the first half of August.
Soybeans: November soybeans rose 28 cents to $14.68 1/2, the highest closing price since June 29. November futures soared $1.52 3/4 for the week, or 11.7%, the largest weekly percentage gain since August 1999. Soybeans rose for a sixth consecutive session on escalating concerns heat and dryness during the first half of August will pinch yield potential.
Wheat: September SRW futures fell 9 1/4 cents to $8.07 3/4, still up 48 3/4 cents for the week. September HRW fell 15 1/4 cents to $8.74 1/2, up 54 1/4 cents for the week. December spring wheat fell 15 1/2 cents to $9.23 1/2. Wheat faded from initial gains but still rose for the week amid sharp gains in corn and soybeans and uncertainty over the resumption of grain shipments from Ukraine.
Cattle: August live cattle rose 27.5 cents to $136.45, down 92.5 cents for the week, while October futures gained 40 cents to $142.225. September feeder cattle rose $1.35 to $181.55. Live cattle futures ended the day firmer but down for the week with the cash market heading for a fourth consecutive weekly decline.
Hogs: August lean hog futures rose $1.525 to $120.65, up $1.95 for the week and the contract’s highest closing price since March 30. October lean hogs rose 90 cents to $97.225. Nearby hog futures extended this week’s rally behind strong cash fundamentals. The CME lean hog index rose 85 cents to $120.58 (as of July 27), just $2.10 under last year’s $128.68, posted in mid-June.