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August 21, 2017
In the News
The next issue of Agri Marketing will include an update on Farm Broadcasting. Ads will be studied by Readex Research. To schedule your organization's ad contact Audrey Evans: AudreyE@AgriMarketing.com; Ph: 515-954-8589.
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.0725 | 3.4925 | 3.3425 |
| Soybeans | -0.1350 | 9.1725 | 10.270 |
| Wheat | -0.2325 | 4.16 | 4.270 |
| Cattle | -3.350 | 106.375 | 113.550 |
| Hogs | -2.500 | 66.125 | 61.925 |
| Cotton | -1.45 | 67.79 | 67.57 |
| Milk | +0.04 | 16.51 | 16.95 |
| Crude Oil | -0.31 | 48.51 | 48.52 |
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Grain and soybean futures extended their slide, falling to new multi-month lows amid technical pressure and a favorable U.S.
weather outlook.
The market faced continued pressure from the bearish USDA crop report issued the prior week.
Weather across the Midwest has been favorable throughout August with moderate temperatures and timely rain, although much of Iowa and parts of Illinois remain too dry.
Meanwhile, corn and soybean crops across the southern U.S.
appear to be shaping up very nicely.
While USDA's corn crop estimate is thought by many in the trade to be too high, USDA's soy crop estimate could go higher still.
Solid export sales helped the soy market stabilize late in the week.
Wheat remained in its relentless downtrend, pressured by ample world supplies including a large Black Sea region harvest, which is keeping a cloud over U.S.
export prospects.
Cotton futures carried their negative momentum following the USDA crop report into this past week, and are approaching their December contract low.
Rice futures ran out of steam, as the September contract failed to make a new contract high for the first time in four weeks.
In the livestock complex, live cattle futures bounced back and forth and were ultimately lower on the week, making four-month lows early in the week and then doing so again on Friday.
Weaker cash trade pressured futures, as cattle traded at $109-$111 in the Plains, down from mostly $115 the prior week.
Packers seem to be having no trouble meeting needs and Labor Day slaughter disruptions loom ahead, which should keep the pressure on cash prices.
Meanwhile wholesale beef prices continue to slide amid ample supplies, with the Choice cutout dropping below $200 for the first time since February.
Lean hog futures posted large bearish reversals on the weekly charts, dropping amid a plunge in pork belly prices and signs of rising hog weights.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
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