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August 22, 2016
In the News
The next issue of Agri Marketing will include focus reports on Farm Broadcasting and Fruit & Vegetable markets. 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 | +0.1200 | 3.3425 | 3.6725 |
| Soybeans | +0.2800 | 10.2700 | 9.0350 |
| Wheat | +0.0450 | 4.2700 | 4.9625 |
| Cattle | -2.78 | 113.55 | 145.25 |
| Hogs | +1.93 | 61.93 | 66.00 |
| Cotton | -2.31 | 67.57 | 67.36 |
| Milk | -0.02 | 16.95 | 16.42 |
| Crude Oil | +4.03 | 48.52 | 40.80 |
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Grain and soybean futures were up on the week, with support from solid export demand and short-covering.
Soybean exports in particular remain robust, with USDA announcing fresh sales to China or "unknown destinations" nearly every day so far in August.
The soybean market was also underpinned by soybean oil, which surged on strength in the Malaysian palm oil market.
The supply side however for soybeans is not bullish, as healthy rains the past couple of weeks have helped areas in the U.S.
that were too dry.
Expectations for the soybean crop are rising, while corn crop expectations are still mixed.
A large corn crop is still expected, but there are concerns about grain fill, and whether USDA's national yield estimate of 175.1 bushels per acre is too high.
The rally in the grain complex this week was particularly impressive given the bearish USDA report on Aug.
12.
Wheat futures were also up amid short-covering as the
market appears to be building a base.
Rice futures soared early in the week on concern about flood damage to crops in southern Louisiana.
Cotton prices meanwhile fell sharply for the second week in a row.
Crude oil surged on technical buying and increased speculation about an OPEC production freeze.
In the livestock complex, lean hog futures were up on the week amid technically driven short covering and long hog/short live cattle spreading.
Cash hog prices showed some signs of stabilizing this week, although the CME Lean Hog Index continued to decline.
Supplies remain ample.
A sharp drop in wholesale pork values at mid-week, led by a plunge in pork bellies, pressured the market.
Live cattle futures were down on the week amid a soft cash market and positioning ahead of the Cattle on Feed report.
That report pegged the Aug.
1 supply of cattle in feedlots at 101.6% of a year earlier, slightly above trade expectations.
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For more information about interpreting this map and its impact on agriculture, click here. |
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