Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | + .05 | 3.63 ¼ | 3.72 3/4 |
| Soybeans | + .02 ¼ | 8.57 ½ | 10.39 |
| Wheat | - .07 ¼ | 4.88 ½ | 5.47 ¼ |
| Cattle | - .98 | 129.70 | 170.90 |
| Hogs | + 2.65 | 57.45 | 90.65 |
| Cotton | - 1.64 | 60.04 | 59.76 |
| Milk | - .08 | 15.33 | 21.90 |
| Crude Oil | - .35 | 40.39 | 76.51 |
| 
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Comments: It was a dull week for price action in the corn market, which consolidated after making fresh lows amid ample supplies and demand concerns.
Traders are looking for signs that lower prices are stimulating demand, and weekly export sales were better-than-expected, but it will take continued sales to boost market sentiment.
Weekly wheat export sales also improved, to their highest level since early August, but the market remained on the defensive as crop conditions around the world, including the U.S., are generally favorable.
Soybeans ended the week slightly higher, but the market faces ongoing pressure from somewhat favorable South American crop conditions and tumbling soybean meal prices, which fell to a four-year low.
Cotton was down in nearby December but rallied in deferred months throughout the week as the market built in a carry.
Crude oil prices remained on the defensive due to the ongoing supply glut but ended the week above $40.
Natural gas futures tumbled to new contract lows as the warm autumn and expectations of a warm winter thanks to El Nino weigh on demand prospects.
Lean hog futures rallied in a wild week amid short-covering and stabilizing cash prices, which fed sentiment the market has set a near-term bottom.
Nearby December futures finished $5.75 off their Monday low and went premium to the CME cash hog index for the first time since May.
Technically, nearby futures posted a bullish outside week higher on the chart.
Packer margins are robust, which should underpin competition for hogs on any tightening of supplies.
The cattle complex was also volatile, but live cattle futures were lower on the week as wholesale beef prices slumped.
Cash cattle trade did not emerge until the very end of the week but it was also lower, sliding $2-$3.
A winter storm in the Plains did provide some underlying support this week.
The October Cattle on Feed report was neutral versus expectations, as it showed placements down 4% from a year ago, at the lowest level for October in records dating back 20 years.
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