Comments: Last week was a choppy one for grain and soybean futures with pressure from a firm dollar offset by supply concerns. Corn and wheat futures ended the week little changed as concerns about tight world milling wheat supplies and tight U.S. corn stocks continued despite small increases in USDA's carryout estimates for both grains. Although USDA trimmed its U.S. soybean carryout estimate further on Friday, soybean futures lost ground on signs of slowing Chinese demand and fears of a Chinese interest rate hike. Livestock futures had a mixed week with live cattle futures charting major downward reversals under pressure from weaker Plains cash markets and expectations for a seasonal slowdown in beef demand. Lean hog futures held firm, however, on firm cash hog prices and prospects for winter weather in the Midwest to slow hog movement. Cotton futures continued to rally on support from strong U.S. export sales and technical strength.
Click on the Brock logo or call 1-800-558-3431 for more info on our services.
