Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | + 25 | 3.74 ½ | 3.31 ¾ |
| Soybeans | + .10 ½ | 8.87 ¾ | 10.61 ½ |
| Wheat | + .17 ¾ | 4.75 ½ | 5.03 |
| Cattle | + 0.12 | 140.60 | 157.38 |
| Hogs | - 1.83 | 67.33 | 106.38 |
| Cotton | + 1.02 | 64.09 | 70.79 |
| Milk | - 0.17 | 15.97 | 24.48 |
| Crude Oil | - 1.42 | 44.63 | 92.83 |
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Comments: Corn led the way higher for the grain and oilseeds complex, surging to its highest level in a month following Friday's USDA Crop Report, which reduced the estimated size of the U.S.
crop.
The report was mixed at best for soybeans, as USDA raised its projected crop size, but an ongoing uptick in fresh soybean export commitments underpinned the market during the week.
Harvest pressure could be a limiting factor on the upside for both corn and soybeans in the coming weeks.
Wheat was also up on the week, supported by short-covering.
USDA's Friday report was bearish for wheat, as it included another big upward revision to 2015-16 global ending stocks, which already looked burdensome.
Rice was the biggest gainer in the grains complex, jumping 6% on speculative buying and a declining U.S.
crop outlook, which was reaffirmed by USDA's Friday report.
USDA cut projected long-grain rice ending stocks for 2015-16 by 15% from the prior month.
Cotton was up modestly on the week.
In the livestock complex, lean hog futures sagged, beating a slow, steady retreat from the 2 1/2-month highs they charted the prior week amid pressure from ample hog supplies and weaker cash prices.
Losses in the CME cash hog index have accelerated this month, although with packers enjoying strong margins, further downside could be limited.
Wholesale pork prices were down slightly on the week.
Live cattle futures, meanwhile, were mixed, amid technical pressure and lackluster beef demand.
For the week, Choice wholesale beef prices were down nearly $4.
A gloomy outlook for cash cattle prices, despite robust packer margins, also weighed on futures during the week, and Friday's trade was in fact lower.
Cash trade in Kansas came in Friday at $140, down $3 from the prior week.
Feeder cattle futures were down on the week as Friday's rally in corn prompted a selloff in feeders. |
