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December 14, 2015
In the News
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 | presents WEEKLY COMMODITY HIGHLIGHTS |
| Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago | | Corn | - 0.03 1/4 | 3.73 | 3.90 | | Soybeans | - 0.35 1/4 | 8.70 3/4 | 10.42 1/4 | | Wheat | +0.11 1/4 | 4.82 3/4 | 6.10 1/4 | | Cattle | -2.83 | 121.45 | 162.40 | | Hogs | -1.05 | 56.00 | 87.55 | | Cotton | -1.00 | 63.71 | 60.48 | | Milk | -0.05 | 14.56 | 17.75 | | Crude Oil | -4.35 | 35.62 | 59.95 |
|  | Comments: Grain and oilseed futures were mostly lower as a bearish mood prevailed across the entire commodity complex.
Soybeans were the big loser, pressured by technical selling and profit-taking after recent gains.
Corn was down slightly on the week, but remained in a broader uptrend.
Both markets are pressured by mostly benign weather in South America, and this is particularly true of soybeans.
Wheat was up on the week, but Chicago futures were unable to push through resistance at the 40-day moving average and the $5 area.
Wednesday's USDA supply and demand report was mainly a non-event, as domestic ending stocks projections for key crops were left mainly unchanged.
Cotton carved out a 3 1/2-month high early in the week, but what appeared to be a breakout turned out to be a head fake as the market retreated throughout the rest of the week.
Profit-taking was a factor as large speculators were holding their largest net long position in cotton in 18 months.
Casting a shadow over the entire commodity complex was crude oil, which tumbled to a fresh seven-year low as the ongoing supply glut shows no sign of letting up.
In the livestock complex, live cattle futures fell to new contract lows and a new 3 1/2-year low on a front-month basis, as soft wholesale beef prices and a $5-$6 drop in Plains cash trade weighed on the market.
Futures did however post a bullish chart reversal off of their lows on Friday, which could prompt buying and more short-covering as traders try to pick a bottom.
Lean hog futures broke out to six-week highs late in the week as wholesale pork prices were firm.
Cattle and lean hog futures were pressured early in the week by concerns about retaliation by Canada and Mexico in the wake of a World Trade Organization ruling on the U.S.
Country of Origin Labeling Law (COOL).
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