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February 29, 2016
In the News
The next issue of Agri Marketing will feature a focus report on the Dairy Market. To schedule your organization's ad, contact Audrey Evans at AudreyE@AgriMarketing.com or call 515-954-8589.
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.1100 | 3.545 | 3.80 | | Soybeans | -0.2325 | 8.55 | 10.24 | | Wheat | -0.1850 | 4.4325 | 5.0325 | | Cattle | +2.32 | 137.70 | 161.13 | | Hogs | +2.20 | 71.70 | 67.15 | | Cotton | -2.09 | 57.92 | 65.17 | | Milk | -0.02 | 13.80 | 15.49 | | Crude Oil | +1.03 | 32.78 | 48.17 | | Corn, wheat and soybean futures all stumbled badly, as projections from USDA's Ag Outlook Forum and technical selling kept the market under pressure.
Corn posted its biggest weekly loss since November, while front-month Chica
go wheat fell to its lowest level since 2010.
Soybeans posted a bearish weekly reversal lower, as did corn.
In addition to favorable South American weather and growing certainty about large crops there, the grains complex was pressured by USDA's first detailed look at the 2016-17 balance sheet.
USDA's estimates were not much of a surprise versus expectations, but they nonetheless were a bearish reminder that there is little chance of prices rebounding significantly unless there are big weather problems in the Midwest this growing season.
The agency projects 2016-17 U.S.
endings stocks at 1.977 billion for corn, 440 million for soybeans, and 989 million for wheat.
It sees total acreage for the eight major crops down 1%, due mainly to a 3.6-million-acre decline in wheat acres.
Cotton futures also tumbled this week amid technical selling and demand concerns, and rice futures fell to their lowest level in eight months.
Cattle and hog futures rallied however.
Live cattle futures were propelled by a surge in wholesale beef prices as demand picks up in anticipation of grilling season.
Both live and feeder cattle futures broke through downtrend lines, opening more upside technically.
In the cash market, fed cattle traded at $137 in the southern Plains, up $3-$4 from the prior week.
The weaker corn prices helped give feeder cattle futures an added lift.
Lean hog futures trade was choppy but ultimately higher, with June and August futures breaking out to new multi-month highs.
Seasonal weakness in pork demand could weigh on the cash market in the coming weeks.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
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