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August 15, 2016
In the News
Nominations for Agri Marketing's 2016 Product of the Year are now open. For more information go here. |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.0200 | 3.2225 | 3.5725 |
| Soybeans | -0.0050 | 10.0325 | 9.5100 |
| Wheat | +0.0650 | 4.225 | 4.9225 |
| Cattle | -1.35 | 116.33 | 148.7 |
| Hogs | -0.30 | 67.15 | 77.85 |
| Cotton | -6.76 | 69.88 | 65.71 |
| Milk | -0.13 | 16.97 | 16.44 |
| Crude Oil | +2.69 | 44.49 | 43.30 |
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Grain and soybean futures traded sideways for much of the week in anticipation of Friday's USDA report, and ended the week little changed despite some fireworks following the report.
The report included a stunningly high U.S.
corn yield estimate of 175.1 bushels/acre and also a bearish soybean yield of 48.9, which helped sent both markets tumbling after the report.
Corn fell to new contract lows as well as a new seven-year low, while wheat fell to a new 10-year low, but both rebounded strongly before the day's close.
Ideas that USDA's yield estimates were overly optimistic fueled bargain-buying.
Still, even with a significant reduction in the estimated corn yield, supplies will remain burdensome.
Soybean futures had support from a recent surge in export sales and shipments, while wheat continues to be underpinned by worries about the Western European crop and signs that U.S.
exports are becoming more competitive.
Ho
wever USDA's reduction to its EU wheat crop estimate was largely offset by an increase in its Russian wheat crop projection.
Cotton futures tumbled to their lowest level in a month on needed rains in West Texas, along with concerns about Chinese demand and technical selling.
Crude oil rallied in part on chatter about an OPEC production freeze.
In the livestock complex, lean hog futures were mixed on the week, with losses in nearby August but modest gains in some deferred contracts.
The ongoing slide in the cash market weighed on futures, as large numbers of hogs are heading to market, although by the end of the week there were signs cash prices were stabilizing.
Weekly hog slaughter appeared to set a new record for the week.
Meanwhile the recent rally in live cattle futures ran out of steam amid uncertainty about the week's cash trade.
Beef production still looks ample to meet demand.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
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