Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago | | Corn | - 0.10 | 3.64 1/2 | 4.07 3/4 | | Soybeans | - 0.17 | 8.75 1/4 | 10.28 3/4 | | Wheat | - 0.19 1/4 | 4.67 1/2 | 6.11 1/2 | | Cattle | + 10.95 | 131.10 | 162.50 | | Hogs | + 1.68 | 58.30 | 81.30 | | Cotton | -0.03 | 63.66 | 61.78 | | Milk | -0.04 | 14.48 | 17.73 | | Crude Oil | + 2.04 | 38.10 | 55.84 |
|  | Comments:
Corn, soybeans and wheat fell four straight days in a
holiday-shortened, light-volume trading week.
Nearby March corn futures
posted the lowest close in the life of the contract on Friday.
Lackluster export demand hangs over the market, and a generally
favorable South America weather forecast has also been negative for
prices, although there is some concern about spreading drought in
Brazil.
Drought in the northeast part of Brazil, and increased dryness
in the key state of Mato Grosso, is causing downward revisions to the
soybean crop there, and rains in the early January forecast could be
pivotal.
Wheat fell to a three-week low as poor export demand weighs.
The competitive nature of the export market was underscored by Egypt's
latest tender, which resulted in a purchase from Argentina at prices
well below its tender a month ago.
Cotton was down slightly on the week,
but found support at the 100-day moving average in the March contract
late in the week and posted a bullish reversal higher on Friday.
In the livestock complex, live cattle futures soared to their highest
level in seven weeks amid short-covering and strengthening wholesale
beef prices.
Boxed Beef quotes increased by more than $3 on the week.
Cash cattle trade at $122 to $124 in the southern Plains was up $4 to $6
from the prior week but remained at a sizable discount to nearby
futures contracts.
Lean hog futures were up on the week but traded well
within the prior week's range.
The composite pork cutout value plunged
to its lowest level in eight months.
The Quarterly Hogs and Pigs report
was friendly versus expectations, but with a 0.7% increase from a year
ago, the total herd was record large for the month.
Earlier in the week,
the Cold Storage report showed frozen pork supplies up 14% from a year
ago.
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