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October 19, 2015
In the News
Bidding for ABEF's online media auction opens, will benefit student NAMA members. To view packages and bid, go here. |
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 | presents WEEKLY COMMODITY HIGHLIGHTS |
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Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | - .06 | 3.76 ¾ | 3.25 ¼ |
| Soybeans | + .12 ½ | 8.98 ¼ | 9.66 ½ |
| Wheat | - .17 | 4.92 ¼ | 5.17 |
| Cattle | + 5.18 | 135.95 | 165.25 |
| Hogs | - 0.55 | 65.58 | 90.33 |
| Cotton | + 2.24 | 63.85 | 63.56 |
| Milk | - 0.19 | 15.60 | 24.13 |
| Crude Oil | - 2.37 | 47.26 | 82.70 |
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Comments: Corn and wheat futures were both lower on the week, falling to one-month lows in the nearby contract amid lackluster export demand and favorable weather forecasts.
In the case of wheat, the southern U.S.
Plains are expected to see significant, badly needed rainfall later this week, boosting crop establishment and putting to rest short-term drought concerns.
For corn, benign harvest weather in the U.S.
continues and forecasts call for gradually improving conditions in parts of Brazil and Argentina for planting.
Marketing-year exports for both corn and wheat remain well below a year ago despite USDA's forecast for both to be essentially flat year-over-year.
Soybean futures were up on the week, driven by strong export demand, although the market did end down each of the last three days of the week.
Cotton rallied early in the week amid concern about India's crop and flood damage in the Carolinas, and the rice market tumbled amid profit-taking and ideas the market has established a top.
The cattle complex was higher, propelled late in the week by a huge gain in cash prices.
Live cattle futures were limit up on Friday, as cash trade emerged in Kansas and Texas at $136, up $9 from the prior week.
Higher prices were expected given the discount to futures and rising beef prices, but the gain in the cash market topped expectations.
Wholesale beef prices rallied throughout the week, with the Boxed Beef report showing gains of about $9 for Choice and Select.
Packer margins are as a result robust.
Lean hog futures were down slightly on the week and ended on a down note, as the December contract fell below trend line and moving average support on Friday.
Cash hog prices have held up relatively well recently but are softening seasonally.
The pork carcass cutout value was up slightly on the week.
The downside in nearby December futures could be limited by its $9 discount to the CME lean hog index. |
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