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October 17, 2016
In the News
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.1450 | 3.5425 | 3.7900 |
| Soybeans | +0.0575 | 9.6250 | 9.1050 |
| Wheat | +0.2625 | 4.2100 | 5.0825 |
| Cattle | -5.98 | 95.90 | 133.75 |
| Hogs | +1.92 | 52.60 | 75.10 |
| Cotton | +3.59 | 70.57 | 63.76 |
| Milk | -0.31 | 14.68 | 15.65 |
| Crude Oil | +0.63 | 50.44 | 46.64 |
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The grains complex was higher on the week amid technical buying and short-covering, with corn rallying to a near-three-month high on Friday.
Wheat also had a strong week, with Chicago soft red winter wheat posting its highest weekly gain in nearly a year as the market looks to have established a major priced low.
Strong global demand has supported wheat, although supplies remain abundant in the U.S.
and globally.
There are few significant crop problems in the world for grain and soybean production, and U.S.
yield reports remain strong.
The USDA monthly Supply and Demand report came in pretty much as expected, as the agency raised its U.S.
soybean crop estimate while lowering its corn crop estimate.
Cotton futures surged on the USDA report, which slashed projected U.S.
carryout to 4.3 million bales from 4.9 million last month and also raised its China consumption estimates.
Strong weekly export sales also supported c
otton.
Solid recent export demand has also supported corn and soybeans, as inspections for the marketing year so far are running well ahead of year-ago levels.
Rice futures were up on the week, surging early in the week and climbing to a seven-week high before reversing course on a bearish USDA report.
In the livestock complex, the live cattle market got ugly again as futures dove to new 6-year-lows on pressure from weaker cash trade and lackluster beef demand.
Feeder cattle futures also made new contract lows as the CME cash index fell to its lowest level in more than 5 years.
Wholesale beef prices were lower but packers continue to have very strong margins.
Lean hog futures were up on the week, with gains driven by stabilizing cash and wholesale pork prices.
Technically it was a positive week for hog futures, but very large supplies stand in the way of any significant price rebound.
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