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November 6, 2017
In the News
Download the updated Agri Marketing App. Features Agribusiness News, weather, commodity prices and blogs by the Farm Progress editors.
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.0050 | 3.4825 | 3.4800 |
| Soybeans | +0.0175 | 9.7700 | 9.7975 |
| Wheat | -0.0150 | 4.2575 | 4.1200 |
| Cattle | +6.47 | 127.30 | 104.075 |
| Hogs | +0.65 | 65.10 | 47.00 |
| Cotton | +0.52 | 68.72 | 68.07 |
| Milk | +0.14 | 16.56 | 16.59 |
| Crude Oil | +1.74 | 55.64 | 44.66 |
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Grain and soybean futures ended the week about where they started, as harvest pressure was offset by fresh export demand for corn and uncertainty about South America crop potential.
Corn futures remain locked in a tight sideways trading pattern with no sign of breaking out.
Soybeans did bounce around but were ultimately little changed on the week.
Concern about dryness in parts of Brazil and some mildly disappointing U.S.
yield reports underpinned the market at mid-week.
However a strong U.S.
dollar, and specifically a surge against the Brazilian real, spurred concerns about the competitiveness of U.S.
soybeans.
In the wheat market, both Chicago and K.C.
futures dropped to new contract lows early in the week but bounced back.
The prospect of another decline in winter wheat seedings this year was a supportive market force.
Cotton futures ended up on the week but traded well within the prior week's range.
Rice futures were down more than 30 cents on the week and made a new five-month low.
In the energy complex, U.S.
crude oil futures surged to their highest level in more than two years.
Concern about political upheaval in Saudi Arabia and tightening crude product supplies are among the factors supporting the market.
In livestock complex, live cattle futures were sharply higher.
They surged at the start of the week and after falling back sharply on Thursday, they came roaring back on Friday to make new contract highs.
The late strength was on cash trade that emerged in the southern Plains up $4-$5 from the prior week.
With futures premium to cash, feedlots have remained tight holders of cattle and packers found themselves short-bought on slaughter needs amid firm beef demand.
Lean hog futures were up on the week, although nearby December was up only slightly amid softer cash hog prices.
The bear-spreading in hogs could indicate the recent rally may be at or near an end.
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