Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | - .04 | 3.59 ¼ | 3.78 ¼ |
| Soybeans | + .15 ½ | 8.73 | 10.47 |
| Wheat | - .22 ¾ | 4.65 ¾ | 5.62 |
| Cattle | + 2.13 | 131.83 | 169.25 |
| Hogs | + 1.28 | 58.73 | 90.95 |
| Cotton | + 2.59 | 62.63 | 61.41 |
| Milk | unch. | 15.33 | 21.93 |
| Crude Oil | - 0.19 | 41.71 | 73.69 |
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Comments: Soybeans rallied after falling to a fresh 6 1/2-year low, ending higher on the week and posting a bullish outside week higher that could prompt more technical buying and short-covering.
News that Argentina's newly elected government would only cut its soybean export tax by 5% this year, a more modest cut than some were expecting, helped underpin the market.
Corn was down slightly on the week as the market remained mired in a sideways pattern despite record-high weekly ethanol output and the highest weekly export sales total in 10 months.
Favorable weather forecasts for Brazil and Argentina hang over the market.
Wheat stumbled, falling sharply on Friday amid lackluster export demand and a lack of crop threats.
Wheat conditions in the U.S.
are mostly favorable, and the same is true across Western Europe, Russia and China.
Cotton surged, driven by very strong weekly exports and concern about wet weather in West Texas, which further delayed an already slow harvest and posed a threat to crop quality.
Volume was light across the grain and oilseeds complex due to the Thanksgiving holiday, and a stronger dollar weighed on the complex.
Live cattle futures rallied, ending higher amid firm wholesale beef prices.
For the week, USDA's Boxed Beef report showed Choice up more than $1 and Select up nearly $5.
Futures were also supported by winter weather that battered the Plains from the Texas Panhandle to eastern Colorado.
This did not boost cash prices however, as cash cattle trade was light and occurred at $127, mostly steady from the prior week.
Nearby lean hog futures were higher, underpinned by cash prices, which continue to stabilize.
Packers are enjoying robust margins, which is helping to underpin cash hogs.
Most deferred futures contracts were lower however, as were wholesale pork values.
The pork carcass cutout value was down more than $2 on the week.
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