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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.0425 | 3.4425 | 3.2700 |
| Soybeans | +0.1450 | 9.5650 | 9.9200 |
| Wheat | -0.0675 | 4.1375 | 3.7700 |
| Cattle | +2.18 | 107.33 | 101.40 |
| Hogs | +0.70 | 62.15 | 61.00 |
| Cotton | +3.04 | 75.59 | 69.25 |
| Milk | +0.13 | 16.28 | 16.58 |
| Crude Oil | +0.19 | 47.48 | 47.62 |
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Corn and soybean futures were up on the week, underpinned by technical short-covering and solid export demand.
Despite concern about trade with the ongoing NAFTA re-negotiations, Mexico has been a steady buyer of U.S.
corn recently.
Meanwhile soybean export demand, particularly from China, remains strong.
Uncertainty over U.S.
production potential remains a wildcard, and as the trade awaited a Sept.
12 USDA crop report, private estimates have been inching upward following weeks of mild temperatures.
Wheat futures were mixed, with losses in Chicago but gains in Kansas City and Minneapolis wheat futures.
Abundant world supplies remain the dominant fundamental factor for wheat, although the market does appear to be establishing a bottom.
Cotton futures soared on concern about Hurricane Irma, which barreled across the Atlantic throughout the week.
Ultimately the storm went further west than earlier expected, sparing the Carolinas the worst damage but dumping rain on Georgia and cotton-growing areas of the Delta.
A plummeting U.S.
dollar helped to underpin cotton and other commodities, as the dollar index fell to a new 2 ½-year low.
Crude oil futures were up slightly on the week, with the impact from Irma seen as minimal.
In the livestock complex, live and feeder cattle futures had a strong week, with various fed cattle contracts making multi-week highs.
Robust packer margins fed optimism about cash cattle trade during the week.
Thousands of head of cattle were lost to Hurricane Harvey, which could limit increases in market-ready cattle supplies this fall.
However, the recent hurricanes are negative for beef demand, and the beef market's post-Labor Day bounces was weak.
Lean hog futures charted to two-week highs early in the week, only to tumble late on renewed weakness in cash hog and wholesale pork values.
As with beef, pork packer margins remain very strong.
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