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October 26, 2015
In the News
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presents WEEKLY COMMODITY HIGHLIGHTS | |
Nearby
Futures |
Weekly
Change |
Friday's
Close |
Year
Ago |
| Corn | + .03 | 3.79 ¾ | 3.59 ¾ |
| Soybeans | - .02 ¾ | 8.95 ½ | 9.33 ¼ |
| Wheat | - .01 ¾ | 4.90 ½ | 5.26 ¾ |
| Cattle | + 4.78 | 140.72 | 169.05 |
| Hogs | - 1.70 | 63.88 | 88.72 |
| Cotton | - 1.09 | 62.76 | 63.04 |
| Milk | - 0.11 | 15.49 | 23.94 |
| Crude Oil | - 3.12 | 44.60 | 82.09 |
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Comments: Corn, wheat and soybeans all bounced around without much direction and ended near unchanged on the week.
Choppy trade could persist as the harvest is entering the home stretch without significant problems and it is too early to gauge how the South American crop will turn out.
U.S.
soybean yields have generally been better than expected.
Corn yields have been more variable, and this is one reason basis bids have been very strong in the eastern Corn Belt and weak further west.
Along with better yields, the soybean market also has much better export demand currently, as both commitments and shipments have picked up.
Corn and wheat exports remain lackluster.
Cotton was lower on the week as nonexistent Chinese export demand remains an anchor on the market, although concern about excessive rains in West Texas growing areas limited the market's downside.
Also note that natural gas futures have plunged, hitting a 3 1/2-year low amid forecasts calling for warm temperatures this winter in much of the U.S.
The cattle complex gapped higher to open the week and gained more ground on Tuesday before consolidating.
The prior week's surge in cash cattle trade lifted live cattle futures, along with technical buying and continued strength in wholesale beef prices.
Friday's Cattle on Feed report was neutral for prices, as USDA pegged feedlot placements down 4.1% from the prior year and total feedlot inventory up 2.3%.
Both totals were near trade expectations.
Lean hog futures remained choppy on the week but ended poorly on Friday, despite news that China would relax restrictions on imports from a number of U.S.
pork facilities.
A report that the World Health Organization was poised to classify processed meats as “possibly causing” cancer weighed on the market.
Cash hog prices held firm during the week, but wholesale pork prices were lower.
Thursday's Cold Storage report showed record-high pork stocks for September, but the total was neutral versus expectations.
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