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September 19, 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 | -0.0400 | 3.3700 | 3.8600 |
| Soybeans | -0.1425 | 9.6600 | 8.8725 |
| Wheat | -0.0025 | 4.0325 | 4.8825 |
| Cattle | +3.48 | 107.88 | 137.60 |
| Hogs | -3.75 | 55.48 | 68.25 |
| Cotton | -1.14 | 67.74 | 62.38 |
| Milk | -0.14 | 16.37 | 15.82 |
| Crude Oil | -2.85 | 43.03 | 47.15 |
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Grain and soybean futures were lower, with Monday's bearish USDA report weighing on the complex.
USDA lowered its corn crop outlook, but not nearly as much as analysts were on average expecting, and a projected U.S.
carryout of 2.384 billion bushels remains burdensome.
Meanwhile USDA's cut to old crop soybean carryout due to robust exports was overshadowed by its 2016-17 U.S.
crop estimate of 4.201 billion bushels on an average yield of 50.6 bushels per acre.
The corn and soy markets held together pretty well given the report, and soybean futures found some buying late in the week after the market found support around the $9.40 level in the November contract.
Concern about a wet start to the harvest season helped underpin corn and soybeans.
USDA's report was mostly a nonevent for wheat, with no change to the U.S.
balance sheet.
The report was bearish for cotton, raising production and leaving exports unchanged, and
the market reacted accordingly, plunging on Monday.
Crude oil futures were also down sharply on the week.
In the livestock complex, cattle and hogs moved in different directions.
Lean hog futures tumbled to new contract lows under the weight of record hog supplies.
This is overwhelming packer demand despite fantastic packer margins, and driving cash prices lower.
The prospect of abundant corn supplies causing further herd expansion also weighed on prices.
Live cattle futures meanwhile showed follow-through to the prior week's strength, climbing to their highest level in 11 sessions by Friday.
Strong packer margins fed optimism about cash trade throughout the week, and this outlook was confirmed Friday with trade at $110 in the southern Plains, up $5 from the prior week.
Technically it appears live cattle and feeder cattle futures have put in major lows.
However fundamentals still look weak, except for the robust packer margins.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
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