|
|
|
|
|
|
August 29, 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. |
|
|
|
|
|
|
 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.1800 | 3.1625 | 3.6175 |
| Soybeans | -0.3625 | 9.9075 | 8.7775 |
| Wheat | -0.4350 | 3.8350 | 4.8975 |
| Cattle | -3.20 | 110.35 | 142.43 |
| Hogs | -0.60 | 61.33 | 67.00 |
| Cotton | 0.14 | 67.71 | 62.56 |
| Milk | -0.04 | 16.91 | 16.43 |
| Crude Oil | -1.47 | 47.64 | 38.60 |
|
Grain and soybean futures fell sharply as abundant supplies in the U.S.
and globally continue to weigh on the ag complex.
The biggest damage was done Friday, and the selloff was led by wheat, which has been under pressure from a huge Russian crop.
Chicago wheat futures fell to new contract lows Friday and to a new 10-year low on a front-month basis.
This helped drag corn lower, to contract low closes and within striking distance of a new seven-year low.
The corn market remained weak despite ongoing reports from a major crop tour indicating that USDA's corn yield projection of 175.1 bushels per acre is too high.
However the corn crop is likely to be very large regardless, and prospects for the soybean crop remain very strong as nearly ideal August weather continued across the Midwest.
The main area of concern for crops currently is in the Delta, where excessive rains have affected soybeans and rice.
Cotton futures we
re near unchanged on the week and continued to hover around key trend line support dating back to February lows.
Friday's selloff in the ag complex was also prompted in part by a rally in the dollar, which strengthened on comments from Fed Chair Janet Yellen indicating a growing willingness for a rate hike.
Livestock markets were also on the defensive, as live cattle futures appeared headed toward a test of contract lows.
The August Cattle-on-Feed report weighed on the market, as did Monday's monthly Cold Storage report, which showed larger-than-expected July 31 beef supplies.
Meanwhile cash cattle traded at $113-15 during the week, down from $117-19 the prior week.
Lean hog futures were down modestly on the week but ended on a strong note Friday.
Cash hog prices have stabilized after a prolonged decline, but seasonal trends point to further weakness in September.
The Cold Storage report showed pork stocks down 5.2% from last year's record high but still above expectations.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
|
|
For more information about interpreting this map and its impact on agriculture, click here. |
|
|
|
|
|
|
|
|
