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February 6, 2017
In the News
Registration is now open for NAMA's 2017 Agri-Marketing Conference. For information click here. |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.0275 | 3.6525 | 3.6925 |
| Soybeans | -0.2225 | 10.2700 | 8.8300 |
| Wheat | +0.0975 | 4.3025 | 4.7650 |
| Cattle | -1.43 | 116.90 | 135.725 |
| Hogs | +3.43 | 70.33 | 65.38 |
| Cotton | +1.56 | 76.41 | 60.86 |
| Milk | +0.23 | 16.85 | 13.72 |
| Crude Oil | +0.59 | 53.76 | 32.30 |
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Soybean futures stumbled, retreating as crop expectations in Brazil continue to grow as harvest progress continues there.
Bull spreads in the market started to unravel in soy, not a good sign for the market, and soybean meal futures fell sharply.
Favorable South American weather is also negative for corn, but the market got a boost from fund-buying at the start of the month, which helped it rebound from 10-session lows set Monday.
The market remained rangebound as traders to gauge this year's planted acres for corn and soybeans.
Continued strong ethanol production has been supportive for corn, and strong exports have underpinned corn and soybeans.
Wheat futures were up on the week in Chicago and Kansas City, with contracts in both classes posting bullish weekly reversals higher.
Minneapolis wheat was down slightly on the week.
Cotton futures meanwhile soared to new six-month highs on strong demand, including continu
ed excellent exports.
The trend in this market is higher, but the upside could be limited by the prospect of increased U.S.
acreage.
Crude oil futures were higher but remain firmly in a sideways pattern.
Natural gas futures tumbled to a 2 1/2-month low amid weather forecasts calling for unseasonably warm temperatures in mid-February.
In the cattle complex, live cattle futures tumbled at the start of trade Monday in response to the bearish Cattle on Feed report, and a bearish annual Cattle Inventory report added pressure on Tuesday.
The market stabilized after that however.
Beef demand remains a big problem for the cattle market going forward.
Lean hog futures however continued to gain, as February pushed to a new contract high on strong cash prices as solid packer margins drive demand.
Lean hogs are also underpinned by strength in wholesale pork values, particularly recent gains in pork belly prices.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
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