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October 23, 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 | -0.0825 | 3.4450 | 3.5100 |
| Soybeans | -0.2150 | 9.7875 | 9.7550 |
| Wheat | -0.1350 | 4.2600 | 4.1700 |
| Cattle | -1.15 | 111.68 | 99.025 |
| Hogs | +2.65 | 64.85 | 41.10 |
| Cotton | -1.74 | 66.88 | 69.80 |
| Milk | -0.12 | 16.60 | 14.72 |
| Crude Oil | +0.11 | 51.84 | 50.43 |
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Grain and oilseed futures retreated on harvest pressure and technical selling.
December corn posted a contract low close as harvest weather was ideal throughout the Midwest for most of the week.
Losses were limited by slow movement in the cash market and solid export demand.
Soybeans also ended the week poorly, pressured by harvest weather and forecasts calling for improved rain in dry parts of Brazil.
Concerns about hot, dry weather in central Brazil and top-producing state Mato Grosso have provided some support to the market early in the week, but the situation there is not dire yet.
Wheat was down on the week as abundant world supplies and sluggish export demand continue to weigh, along with improved U.S.
winter wheat planting conditions.
Cotton futures tumbled, hitting a two-month low late in the week, with a stronger U.S.
dollar adding pressure.
Crude oil futures were near unchanged for the week.
In the livestock complex, lean hog futures rallied to new contract highs amid remarkable cash market strength.
The Iowa/Minnesota cash hog price climbed by at least a dollar per day throughout the week.
However deterioration in packer margins is becoming more of a market issue and could cap the rally in cash prices.
Technically, lean hog futures posted a bearish reversal on Tuesday only to recover, and looked very strong by Friday's close.
Live cattle futures struggled as Plains cash trade was slow to develop and traders awaited Friday's Cattle on Feed report.
That report was bearish versus trade expectations, as it pegged the Oct.
1 feedlot inventory at 105.4% of a year earlier, near the high end of pre-report estimates that averaged 104.6%.
The inventory was the largest for the date in 5 years.
September feedlots placements at 113.5% of a year earlier were also at the high end of expectations.
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