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September 12, 2016
In the News
Nominations for Agri Marketing's 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 | +0.1350 | 3.3000 | 3.5650 |
| Soybeans | +0.2875 | 9.9725 | 8.8275 |
| Wheat | +0.0275 | 3.7600 | 4.6200 |
| Cattle | +2.80 | 104.40 | 142.97 |
| Hogs | -1.52 | 59.23 | 68.92 |
| Cotton | +1.37 | 68.88 | 63.32 |
| Milk | -0.36 | 16.51 | 16.14 |
| Crude Oil | +1.20 | 45.64 | 44.15 |
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Corn and soybean futures gained on the week amid short-covering.
December corn futures had some positive technical action, climbing above the 40-day moving average for the first time since June.
Meanwhile traders are trying to factor in a U.S.
corn crop that is likely to be very large, but possibly smaller than USDA's projections.
Soybean futures were fueled in part by continued strong exports, and expectations USDA would slash its old-crop carryout projection in the Sept.
12 USDA supply and demand report because of those exports.
Still, the U.S.
soy crop looks to be huge after a nearly ideal August in the Midwest, and early expectations are for another large crop coming out of South America.
Weather forecasters are now saying that the arrival of La Nina this fall or winter is unlikely, which could make for better South American conditions.
Wheat futures were up on the week amid short-covering, with Kansas City whea
t showing the most strength.
Cotton futures rallied amid continued strong exports and uncertainty about U.S.
production.
Crude oil rallied, due mostly to the second-largest weekly drawdown in crude oil stocks on record.
The drawdown was due mainly to Hurricane Hermine however, and is not seen as a long-term supportive feature.
In the livestock complex, it was another volatile week for live cattle, with wild price reversals each day.
Ultimately the market ended up on the week and on a strong note despite a falling stock market and soft beef prices.
The choice beef cutout fell to its lowest level in three years.
However technical buying and ideas the market was making a bottom fueled futures gains.
Lean hog futures fell to a new three-week low.
Pressure on futures came in part from a Labor Day fire that shut down an Illinois pork plant.
However there are some positive demand indicators, and wholesale pork values were up for the third consecutive week.
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For more information about interpreting this map and its impact on agriculture, click here. |
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