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December 7, 2015
In the News
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 | presents WEEKLY COMMODITY HIGHLIGHTS |
| Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago | | Corn | +0.17 | 3.76 1/4 | 3.76 | | Soybeans | +0.33 | 9.06 | 10.10 1/2 | | Wheat | +0.05 1/2 | 4.71 1/4 | 5.99 3/4 | | Cattle | -7.55 | 124.28 | 166.45 | | Hogs | -1.68 | 57.05 | 87.63 | | Cotton | +0.60 | 63.23 | 61.52 | | Milk | +0.03 | 14.61 | 17.77 | | Crude Oil | -1.74 | 39.97 | 66.81 |
|  | Comments: Grain and soybean futures rallied, climbing on technical buying, short-covering and a weaker dollar.
Corn pushed through trend line resistance and posted its highest close in a month, while soybeans extended their rebound from a 6 1/2-year low amid fresh export demand and surging soybean oil prices.
Soyoil rallied on expectations that Congress will shift a $1-per-gallon biodiesel tax credit from blenders to producers, and on EPA's final Renewable Fuel Standard volume obligations.
The EPA's new mandated levels through 2016 were friendly for soyoil but neutral for corn, as the agency's new ethanol blending requirement is below what Congress approved in 2007 but above what EPA had proposed in May.
Wheat was up modestly on the week and finished strongly amid short-covering.
Cotton surged on technical buying, U.S.
crop problems caused by wet weather, and a second straight week of robust export demand.
Fundamentally, a lack of major crop threats around the world is negative for the grain and oilseeds complex.
However, a plunge in the dollar index on Thursday propelled commodities and could give the grains some underpinning as export prospects improve.
Live cattle futures tumbled amid volatile trade as weaker wholesale beef prices weighed.
February futures fell to a new contract low.
Boxed Beef prices fell late in the week, and Choice was down $1.80 on the week while Select was down $3.41.
Cash cattle trade occurred at $125 in Kansas and Texas, down mostly $2 from the prior week.
High cattle weights remain a negative factor in the cash market.
Demand is not great and the December forecast does not indicate much of a weather threat to cattle in the Plains.
Lean hog futures were also lower as large hog supplies and historically high pork production weighed.
Cash hog prices have remained firm, but pork prices last week were soft.
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