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September 6, 2016
In the News
Be sure to register for the Nat'l Agri-Marketing Assn (NAMA) Fall Conference, Sept. 20-22, Raleigh, NC. For more information click here. |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.0025 | 3.1650 | 3.5400 |
| Soybeans | -0.2225 | 9.6850 | 8.8375 |
| Wheat | -0.1025 | 3.7325 | 4.7300 |
| Cattle | -4.75 | 101.60 | 141.22 |
| Hogs | -0.58 | 60.75 | 69.78 |
| Cotton | -0.20 | 67.51 | 63.18 |
| Milk | +0.30 | 16.90 | 16.18 |
| Crude Oil | -3.44 | 44.20 | 46.25 |
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Another week of losses for most of the grains complex, although prices did rebound late in the week amid short-covering.
Corn futures were near flat on the week, but not before falling to new contract lows and a seven-year low on a front-month basis.
Wheat futures fell to a fresh 10-year low in Chicago, while the December contract broke below the $4 level.
Soybeans were down on the week and fell to their lowest level in more than four months.
Favorable U.S.
weather and a stronger U.S.
dollar weighed on the grains.
In the cash market, basis levels for corn tumbled in some locations across the Midwest.
Meanwhile wheat supplies are abundant globally, and rising production expectations for Russia and Australia have weighed on prices while ensuring competition for U.S.
exporters will remain formidable.
As with wheat, rice futures tumbled to a new 10-year low despite some concern about Mid-South crops.
Cotton fell to its
lowest level in nearly two months before rebounding, although it was still lower on the week.
Crude oil tumbled on the firm U.S.
dollar and the ongoing supply glut.
In the livestock complex, live cattle traders endured a volatile and ultimately bearish week, which ended with futures collapsing to new contract lows on Friday.
Futures fell to a five-year low on a front-month basis.
A sharp drop in cash cattle prices to $110 in the southern Plains pressured the market, as did tumbling wholesale beef prices.
Feeder cattle futures also fell sharply, pressured by fed cattle.
Lean hog futures rallied modestly through the first four days of the week, but undid those gains on Friday amid pre-holiday positioning.
Prior to Friday's selloff, nearby months had posted their highest closes in five weeks.
Packers have been in control, as wholesale pork prices climbed the past couple weeks even as ample supplies kept cash hog prices depressed.
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For more information about interpreting this map and its impact on agriculture, click here. |
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