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December 21, 2015
In the News
Just released! New book Agri Manners--Essential Etiquette for Professional Success. For more information click here. The staff at Agri Marketing wishes you a Merry Christmas! |
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 | presents WEEKLY COMMODITY HIGHLIGHTS |
| Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago | | Corn | - 3/4 | 3.74 1/2 | 4.11 | | Soybeans | +0.21 1/2 | 8.92 1/4 | 10.35 | | Wheat | - 0.03 3/4 | 4.86 3/4 | 6.55 1/4 | | Cattle | -1.30 | 120.15 | 158.70 | | Hogs | -3.90 | 56.65 | 81.88 | | Cotton | -0.02 | 63.69 | 60.82 | | Milk | -0.04 | 14.52 | 17.77 | | Crude Oil | -0.89 | 34.73 | 54.11 |
|  | Comments:
Soybean futures surged late in the week amid technical buying and
increased concern about dryness in Brazil.
Drought conditions in
northeast Brazil have started to spread, and areas across northern
Brazil and the country's center-west area are increasingly dry and in
danger of losing yield potential if rains do not pick up soon.
The
situation is not yet a crisis, but the trade is watching daily weather
forecasts closely.
Corn is also underpinned by the Brazil concerns.
However a gloomy demand outlook weighs on the grain complex, as
Argentina's new President has already cut export taxes and devalued the
peso, moves that could prompt more farmer selling and export competition
for the U.S.
Wheat was underpinned by concern about India's crop and
uncertainty about Ukraine production, however front-month Chicago
futures retreated late in the week after failing to take out the $5
area.
Cotton was flat on the week, and remains rangebound amid weak
recent export demand.
Meanwhile the energy complex tumbled again: Crude
oil fell to a fresh 7-year low as the supply glut shows no sign of
easing, while natural gas futures crashed to a 16-year low as the lack
of U.S.
winter weather kills heating demand.
The cattle complex was lower on the week but nonetheless ended on a
strong note, surging Friday even before USDA issued a bullish Cattle on
Feed report.
USDA reported November feedlot placements down 10.8% from a
year ago, well below trade expectations, while feedlot marketings were
up 3.9%, at the high end of trade guesses.
Total feedlot inventory was
down slightly.
Lean hog futures fell amid pressure from the cattle
complex early in the week along with ample pork supplies and weaker cash
hog values.
Wholesale pork prices were down, with the USDA's pork
carcass cutout value falling 3.5% on the week.
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