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October 10, 2017
In the News
Nominations for Agri Marketing magazine'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 | -0.0525 | 3.500 | 3.4050 |
| Soybeans | +0.0400 | 9.7225 | 9.5850 |
| Wheat | -0.0475 | 4.4350 | 3.9575 |
| Cattle | +1.93 | 111.03 | 102.425 |
| Hogs | +3.78 | 59.18 | 50.38 |
| Cotton | +0.39 | 69.47 | 67.71 |
| Milk | +0.56 | 16.80 | 15.04 |
| Crude Oil | -2.38 | 49.29 | 50.44 |
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Grain and soybean futures were mixed on the week, with soybeans showing some strength amid uncertainty about crop potential.
Soybeans were boosted by technical strength as well as a wetter U.S.
weather pattern that slowed harvesting.
While U.S.
yield reports for early planted soybeans were very strong, beans that were planted later appear to have more variable yields.
Still, the corn and soybean crops are expected to be large when USDA issues a monthly update on Oct.
12.
Corn remains in a sideways pattern.
If you slept through the past 6 weeks you did not miss much in the way of futures price movement.
However basis shifts have been dramatic for both corn and soybeans.
Soybean river basis tumbled in late September and early October due in part to surging barge freight rates as water levels on the Mississippi River system continued to decline.
However, in recent days river levels have started to improve and barge freight rates have retreated, allowing basis levels to recover.
Cotton futures were up slightly on the week, with support from concern about crop damage from Hurricane Nate and recent chilly weather in West Texas.
In the livestock complex, live cattle futures were up on the week, underpinned by cash-market expectations.
Cash trade did not emerge until late Friday, but at $109-$110 it was up from a week ago.
Wholesale beef prices were stable.
Lean hog futures surged on firm cash prices and continued reaction to the prior week's Hogs and Pigs report.
Pork prices were also firm, climbing slightly on the week, an impressive feat given record slaughter levels.
While the cash hog market looks to have made a significant low, the market still has to absorb large hog numbers over the next several weeks.
Daily hog slaughter hit a new record high during the week.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
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