Corn: May corn futures rose 11 cents to $7.68 3/4, up 33 3/4 cents for the week and a lifetime-high close for the contract. December corn rose 7 cents to $7.16 after scoring a contract high for the third day this week. Corn futures ended the week on a strong note with support from a rally in the wheat market and ongoing concern over disruptions stemming from Russia’s war with Ukraine.
Soybeans: May soybeans soared 43 1/2 cents to $16.89, up $1.06 1/4 for the week. November soybeans gained 29 1/4 cents to $14.95 1/2, a two-week high. May soymeal rallied $8 to $468.20 per ton and May soyoil rose 210 points to 75.12 cents per pound. Nearby soybeans climbed to a two-week high after USDA reduced its forecasts for Brazil production and U.S. stockpiles.
Wheat: May SRW wheat rose 31 1/2 cents to $10.51 1/2, up 65 cents for the week. May HRW wheat rose 36 cents to $11.06 3/4, up 93 3/4 cents for the week. May spring wheat advanced 27 3/4 cents to $11.27 1/4, up 62 cents for the week. Wheat futures gained support from USDA’s larger-than-expected cut to projected 2021-22 ending global wheat supplies.
Cotton: May cotton fell 79 points to 132.41 cents per pound, down 214 points for the week. Nearby futures took continued pressure from disappointing weekly USDA export sales numbers. Net U.S. cotton sales for the week ended March 31 totaled just 62,900 bales, down 80% from the four-week average and a low for 2021-22.
Cattle: June live cattle fell 27.5 cents to $133.825, down $2.025 for the week. May feeder futures fell 10 cents to $159.375, down $6.75 for the week. Live cattle futures downside next week may be limited by wholesale beef market strength and expectations for stepped-up retailer buying ahead of the spring grilling season. Meatpackers sharply increased slaughter this week, with an estimated 676,000 head killed through tomorrow, up 37,000 head from last week. Choice cutout values fell 93 cents today to $270.47 but still gained $3.33 from the end of last week. Live steers averaged $138.77 for the week through this morning, down 55 cents from last week’s average.
Hogs: June lean hog futures rose 42 1/2 cents to $114.575, down $5.875 for the week. Hog futures stabilized late this week following a steep downdraft starting late last week but weakening cash market fundamentals will likely limit buying interest in futures early next week. The next CME Lean Hog Index is expected to fall 62 cents to $100.06, a decline of $3.60 over the past seven sessions. Pork cutout values rose 5 cents today to $103.16, still down 44 cents for the week. Packers slaughtered an estimated 2.43 million head this week, down 4,000 from last week and down 24,000 from the same week in 2021.