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November 16, 2015
In the News
Syngenta's Acuron named Agri Marketing's New Product of the Year, Krone's Big M conditioner named Product of the Year. To schedule your congratulatory ad contact Audrey Evans at 515-954-8589; AudreyE@AgriMarketing.com
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 | presents WEEKLY COMMODITY HIGHLIGHTS |
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Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | - .14 ¾ | 3.58 ¼ | 3.86 ¼ |
| Soybeans | - .12 ½ | 8.59 | 10.50 ½ |
| Wheat | - .27 ½ | 4.95 ¾ | 5.53 ¾ |
| Cattle | - 4.32 | 130.68 | 169.65 |
| Hogs | unch. | 54.80 | 91.28 |
| Cotton | + 0.02 | 61.68 | 59.73 |
| Milk | - 0.22 | 15.41 | 21.61 |
| Crude Oil | - 3.58 | 40.74 | 74.21 |
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Comments: Grain and soybean futures tumbled this week in the wake of bearish monthly supply and demand updates from USDA.
Wheat led the way lower, falling to new contract lows in Minneapolis and Kansas City as USDA raised its domestic 2015-16 carryout more than expected on a cut in exports.
U.S.
wheat exports are now expected to be at their lowest level in 44 years.
The report wasn't any friendlier for corn, as USDA raised its crop estimate while lowering exports.
It also slashed projected ethanol use on the expectation that dwindling U.S.
sorghum exports would prompt some ethanol producers to substitute milo for corn.
The biggest surprise for corn was on the world balance sheet, as USDA dramatically raised China corn ending stocks.
Meanwhile USDA also raised the soybean crop estimate and carryout, and while it lowered projected world soybean ending stocks, global supplies would remain historically high.
Rice futures were down on the week amid lackluster export demand.
USDA left its long-grain ending stocks projection unchanged for rice, but cut the projected average price by $1.30.
The cattle complex extended its slump amid speculative selling and continued weakness in wholesale beef prices.
Live cattle futures fell to a new contract low in a tumultuous week that saw limit-down moves on Monday and limit-up moves on Wednesday.
Packer margins were reportedly slim and the cash market was very quiet all week.
USDA's Boxed Beef data showed Choice down $6.30 on the week and Select down $8.20, and market bulls are counting on beef demand to pick up after Thanksgiving.
Feeder cattle futures were also on the defensive, falling despite a large discount to the CME Feeder Cattle Index.
Lean hog futures were lower on the week but did stabilize some after sharp recent losses, with support from speculative short-covering in a market that had become significantly oversold.
Packer margins are robust, which is helping to support the complex, although wholesale pork prices were down modestly on the week.
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