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December 29, 2014
In the News
The staff at Agri Marketing wish you a Happy New Year! Sign up for our App here. Features daily news, markets, weather and blogs from the Penton Farm Progress editors. |
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 | presents WEEKLY COMMODITY HIGHLIGHTS |
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Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +.04 ¼ | 4.14 ¾ | 4.26 ¼ |
| Soybeans | +.17 | 10.47 ½ | 13.18 ¾ |
| Wheat | -.21 ½ | 6.10 ¾ | 6.06 |
| Cattle | +4.00 | 164.75 | 132.70 |
| Hogs | -.35 | 81.55 | 85.30 |
| Cotton | +.74 | 61.63 | 82.89 |
| Milk | -.01 | 17.72 | 19.01 |
| Crude Oil | -2.40 | 54.73 | 99.55 |
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Comments: Price action in grain and soybean futures last week was mixed in choppy, low volume trade with the trading schedule abbreviated due to the Christmas holiday.
Corn futures edged to new 5-1/2 month highs on commodity fund technical buying and talk of strong demand spurred by record ethanol production, improved export demand and notable expansion of the U.S.
hog herd.
Soybean futures regained the ground they lost the previous week as strong demand sentiment continued to offset pressure from favorable South American crop weather.
Wheat futures fell back from the 6-1/2 month highs they charted the previous week after Russia set a grain export duty to take effect Feb.
1.
This move significantly eased fears Russian exporters would not be able to meet outstanding export sales commitments.
Livestock futures action was also mixed with live cattle futures recovering significantly on speculative short covering spurred by oversold technical indicators and prospects for much colder weather to move into the U.S.
Plains cattle feeding region.
Expectations for a seasonal post-holiday rebound in cash prices also boosted futures.
Lean hog futures struggled to recover with the nearby contract pressured by further weakness in cash hog/wholesale pork prices and back end futures held down by the indications of herd expansion in Tuesday's USDA inventory report.
Cotton futures were boosted to modest gains by technical buying and year-end position evening.
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