5/8/26 Weekly Market recap

This week markets were volatile amid continued geopolitical developments involving the US and Iran, which drove swings in crude oil and spilled over into grains and other commodities. Grains generally weakened later in the week due to crude oil pressure and strong planting progress; livestock saw mixed action with cattle pulling back; cotton was softer overall; and the S&P 500 continued to trade at all time highs.

• Corn: Started the week stronger with July opening at $4.7825 but ended lower due to crude pressure and planting progress closing at $4.7125. New-crop December contracts closed the week at $4.935.

• Soybeans: Also opened strong with the nearby July posting the high of the week at $12.2625, then faded with soyoil and crude; ending the week at $12.08. New-crop November contracts had similar net declines and ended the week at $11.875.

• KC Wheat (HRW): Weakened on weather hopes with the July contract opening at $6.8525 and closing the week at $6.7575. Distant months followed with the December contract closing at $7.01.

• Live Cattle: Semi-volatile with cash trading at an all time record of $260. The June contract opened at $252.975 and closed the week at $248.900. 

• Feeder Cattle: Saw a pullback with the August opening at $372 and closing the week at $364.225 with highs of the week on Wednesday. 

• Crude Oil: Highly volatile on geopolitics—spiked shortly with highs of the week at $107.46 and then fell to $94.68 to end the week.

• Cotton: Traded off recent highs with it falling late in the week and then coming back to close the July contract strong at $84.73.

• S&P 500: Continues to make all time highs closing the week at $7420.