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September 18, 2017
In the News
Nominations for Agri Marketing's Product of the Year are now open. For more information go here. |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.0200 | 3.5475 | 3.3000 |
| Soybeans | +0.0675 | 9.6875 | 9.5050 |
| Wheat | +0.1125 | 4.4900 | 3.9950 |
| Cattle | +0.42 | 107.75 | 106.95 |
| Hogs | -1.18 | 60.98 | 55.15 |
| Cotton | -5.46 | 70.13 | 68.38 |
| Milk | -0.05 | 16.23 | 16.41 |
| Crude Oil | +2.41 | 49.89 | 43.91 |
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Grain and soybean futures had a solid week despite a bearish USDA Crop Report on Tuesday.
Corn was down slightly while soybeans were higher, recovering after a plunge Tuesday.
USDA actually raised its corn and soybean crop estimates, while the trade was widely expecting at least a modest decline.
The price action in the face of negative reports bolsters the idea that the market has made a bottom, although upside potential could remain limited due to the supply outlook.
The U.S.
weather outlook for corn and soybeans remains mostly benign.
Demand has been solid, particularly for soybeans, including export sales and the domestic crush.
NOPA's monthly crush report showed a record-high soybean crush for the month of August.
Wheat futures were also firm after USDA made very few changes in its monthly Supply and Demand report.
Cotton futures plunged, as Tuesday's USDA report was bearish.
However, that report did not account for crop damage from hurricanes Harvey and Irma.
Rice futures were underpinned by a friendly USDA report Tuesday, although the November contract was unable to take out its contract high.
In the livestock complex, lean hogs were lower, as the market continues to struggle to deal with supplies that are large and increasing seasonally.
Futures did rebound strongly on Friday however.
Cash hog values continue to sag, and packer margins are very strong.
Wholesale pork values fell more than $4 on the week.
Live cattle futures were choppy throughout the week as traders waited for cash trade.
February futures traded to their highest level in five weeks on Monday, then consolidated the rest of the week.
Nearby futures have traded a tight range of about $5 over the past month.
Packer margins are very strong.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
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