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October 3, 2016
In the News
Nominations for Agri Marketing's Product of the Year are due next Monday. For more information go here.
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.0025 | 3.3675 | 3.8325 |
| Soybeans | -0.0100 | 9.5400 | 8.6375 |
| Wheat | -0.0275 | 4.0200 | 5.0750 |
| Cattle | -8.38 | 98.90 | 133.22 |
| Hogs | -4.98 | 49.02 | 70.55 |
| Cotton | -0.79 | 68.29 | 58.7 |
| Milk | +0.01 | 16.39 | 15.83 |
| Crude Oil | +3.76 | 48.24 | 44.48 |
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Corn and soybean futures were little changed on the week, with both markets rebounding after breaking to new lows.
Corn futures fell to their lowest level in three weeks on Friday but rebounded following a Sept.
1 grain stocks report that was slightly friendly versus expectations.
Short-covering and quarter-end position evening were also factors.
Soybeans tumbled on Tuesday to their lowest level since April before rebounding.
The Grain Stocks report was neutral for the soybean market, which is pressured by very strong yield reports while robust export demand is providing support.
Wheat futures were mixed, with continued weakness in Kansas City while Minneapolis futures rallied to a five-week high on Friday.
USDA's Friday reports were friendly to hard red spring wheat futures but negative for the complex overall, as Sept.
1 wheat stocks were estimated at 2.527 billion bushels, well above trade estimates.
Rice futures
were up on the week as the market found trend line chart support, while crude oil futures surged on news of an agreement among OPEC nations to cap production.
However that agreement won't be finalized until November, and questions remain about its enforcement, and whether other producers including the U.S.
would ramp up production in response to higher prices.
Things went from bad to worse in the livestock complex, as both lean hogs and cattle futures tumbled.
Lean hogs dropped to new contract lows as abundant supplies continue to overwhelm packer demand.
Friday afternoon's quarterly Hogs and Pigs report reaffirmed the bearish supply situation, as it showed the total supply as of Sept.
1 up 2.6% from a year ago, topping the high end of pre-report estimates.
For the quarter, lean hog futures were down more than 40%.
Live cattle futures also tumbled, dropping limit-down on Friday amid weaker cash cattle trade and declining wholesale beef values.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
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