In the News

Nominations for Agri Marketing magazine's Product of the Year are now open. For more information, go here. The next issue will include a Salute to Charleston/Orwig on the agency's 25th anniversary!

WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0175	3.5525	3.2925
Soybeans	-0.1600	9.6825	9.5025
Wheat	-0.0125	4.4825	3.9900
Cattle	-2.48	109.10	101.90
Hogs	-0.30	55.40	52.03
Cotton	-0.01	68.45	67.95
Milk	+0.01	16.38	16.39
Crude Oil	+0.91	51.57	47.83

Favorable harvest weather and strong yield reports, particularly for soybeans, pressured the complex. Soybean futures were down on the week as yields so far appear to be coming in better than expected, although it is still early in the harvest and much uncertainty remains. The soybean market rebounded on Friday, on a friendly USDA Sept. 1 Grain Stocks report. That report showed soybean stocks at 301 million bushels, down 13% from USDA's last 2016-17 carryout projection. USDA's Sept. 1 stocks estimate was mildly friendly for the corn market as well, and futures were up slightly on Friday and for the week. However 2016-17 corn ending stocks of 2.295 billion bushels were still the largest since November, and with the ongoing harvest, ample supplies and poor basis in many areas, the market's upside should remain limited. Wheat futures were down on the week, with Minneapolis in particular tumbling on Friday after USDA unexpectedly raised its spring wheat crop estimate. Cotton futures lacked direction throughout the week and ended near unchanged. Rice futures were down nearly 40 cents on the week, with most of the damage on Monday as lackluster demand keeps a lid on prices. Crude oil rallied before pulling back sharply late in the week.

In the livestock complex, live and feeder cattle futures plunged to start the week in response to a bearish Sept. 22 Cattle on Feed report, but live cattle futures regained some lost ground late in the week as traders turned their attention to the cash market. However cash trade was late in developing and at $108 in the southern Plains only steady with a week ago. Lean hog futures surged late in the week following the quarterly Hogs and Pigs report. Pressure on cash hog prices has eased somewhat on an apparent rise in packer competition for supplies following new plant openings in Iowa and Michigan.

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