Keys and topics that can impact your farm's profits and risk. To view this email as a web page,
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Commodity Keys to Keep Your Eye On
Corn: Harvest results will be closely followed in coming weeks. USDA will likely reduce its U.S. crop estimate in two upcoming production reports, but a smaller crop is likely already factored into current prices levels, meaning demand will be one key to longer-term market direction.
Soybeans: The soy complex will face increasing harvest pressure in the month ahead, and continuing concern over a possible global recession could further burden prices. Potential further weakness in crude oil and Malaysian palm oil loom as other bearish elements ahead of USDA’s next Crop Production update Oct. 12.
Wheat: Expanding drought conditions in the U.S. Plains are becoming increasingly worrisome, with over one-third of the U.S. winter wheat crop planted and moisture needed soon for proper establishment.
Cattle: The global financial markets are facing a historically turbulent period, which is cause for concern in agriculture futures. The U.S. stock indexes are in or close to bear market territory and recession fears are growing, which could somewhat crimp consumer demand for higher-priced beef cuts. However, we believe any U.S. economic slowdown would not have a serious negative impact on domestic consumer demand for beef.
Hogs: Consumer demand for red meat, pork and hams in particular, will be a factor in hog market direction through the balance of 2022. History indicates a strong tendency for seasonal weakness into the year-end holiday season. But we continue thinking red meat demand will hold up much better than is widely anticipated amidst widespread recessionary fears.
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