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February 24, 2014
In the News
Time to register for the National Agri-Marketing Assn (NAMA) conference! Go here. |
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 | presents WEEKLY COMMODITY HIGHLIGHTS |
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Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +.07 ¾ | 4.53 | 6.90 ¾ |
| Soybeans | +.33 ¼ | 13.70 ¾ | 14.87 ¾ |
| Wheat | +.11 ¼ | 6.09 ¾ | 7.21 ¼ |
| Cattle | +1.95 | 144.55 | 125.30 |
| Hogs | +3.17 | 99.35 | 84.05 |
| Cotton | -.46 | 87.09 | 82.38 |
| Milk | +.05 | 23.19 | 17.25 |
| Crude Oil | +2.07 | 102.20 | 92.84 |
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Comments: Agricultural commodities as whole were strong again last week as managed fund buying/short covering continued.
Cotton futures were the only significant market to lose ground.
Soybean futures again found strong fundamental support from good demand and strong soymeal prices, with dwindling estimates of Brazilian production spurring some added buying interest.
Corn futures were pulled higher by strong demand and the strength in soybean and wheat futures, but put in a weak finish on Friday on pressure from USDA's preliminary supply/demand forecast for 2014-15.
Chicago wheat futures continued to find support from covering of a large commodity fund short position.
Forecasts for another cold wave in the central U.S.
spurred some crop concerns, but a bearish USDA price forecast for 2014-15 helped cap gains.
Livestock futures remained strong with lean hog contracts pushing to new highs all four sessions of the holiday-shortened trading week on strong pork demand and ongoing worries about Porcine Epidemic Diarrhea.
Live cattle futures were boosted by seasonal strength in wholesale beef prices and higher cash cattle trade, but Friday afternoon's USDA Cattle-on-Feed report looked negative for summer-month futures.
Cotton futures chopped around all week, with the market feeling pressure from prospects for U.S.
acreage to be up this year.
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