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October 16, 2017
In the News
Nominations for Agri Marketing magazine's Product of the Year are now open. For more information go here. |
| Most Read Items From Prior Issue of |  |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | 0.0275 | 3.5275 | 3.4950 |
| Soybeans | 0.2800 | 10.0025 | 9.5625 |
| Wheat | 0.0400 | 4.3950 | 4.1600 |
| Cattle | 1.80 | 112.83 | 94.45 |
| Hogs | 1.28 | 62.20 | 52.63 |
| Cotton | -0.22 | 68.62 | 69.31 |
| Milk | -0.08 | 16.72 | 14.73 |
| Crude Oil | 2.16 | 51.45 | 50.44 |
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Corn and soybean futures started out the week edging lower on harvest pressure, but soybean futures rocketed to roughly 2-1/2 week highs on Thursday after USDA lowered its 2017/18 U.S.
carryout estimate by 9.5% to 430 million bushels.
Soybean futures also received support from worries about South American weather conditions and strong Chinese import demand.
Front-end corn futures fell to new contract lows on Thursday after USDA pegged U.S.
corn production above most expectations, but corn futures wound up reversing higher, signaling significant price lows may again have been made.
The corn market also found support from improved weekly export sales but overall weak export demand for U.S.
corn remains a negative market factor.
Wheat futures were pressured by large U.S.
and world supplies with USDA raising its world wheat carryout forecast by nearly 5 million metric tons.
Good soil moisture in U.S.
winter wheat regions and poor weekly export sales also weighed on prices, but losses were limited by strength in corn and soybean prices.
Livestock futures had a strong week with live cattle futures boosted by technically-driven buying and further strength in U.S.
Plains cash cattle prices.
Strong packer operating margins continue to support cash cattle prices, with live cattle futures' premium to cash keeping feedlots tight holders of cattle.
Wholesale beef prices held roughly steady on the week.
Lean hog futures found further support from strengthening cash hog/wholesale pork prices.
Increased competition for hog supplies due to expansion of U.S.
slaughter capacity remained supportive for cash hog markets.
Wholesale pork prices edged higher despite large production.
USDA lowered its forecast for fourth quarter hog prices, though, raising some doubts about the further upside for cash and futures prices.
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