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November 13, 2017
In the News
Valley Irrigation's ICON control panel series named Agri Marketing magazine's NEW Product of the Year. Minnesota Biodiesel named Product of the Year!
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.0475 | 3.4350 | 3.4350 |
| Soybeans | +0.0025 | 9.7725 | 9.8900 |
| Wheat | +0.0575 | 4.3150 | 4.0475 |
| Cattle | -6.72 | 120.58 | 104.50 |
| Hogs | -2.62 | 62.48 | 47.38 |
| Cotton | +0.33 | 69.05 | 69.20 |
| Milk | +0.23 | 16.77 | 16.81 |
| Crude Oil | +1.10 | 56.74 | 44.66 |
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Corn futures tumbled below their autumn trading range to new contract lows following a bearish USDA Supply and Demand report.
The shocker in the report was USDA's new estimated corn yield of 175.4 bushels an acre, which would be a record and much higher than the trade was anticipating.
The increased crop size was partially offset by an increase in projected demand, but nonetheless the latest report reaffirms that corn supplies will remain very comfortable for the foreseeable future.
USDA's report was neutral for soybeans, although the new 2017-18 carryout estimate of 425 million bushels is still large.
Technically, soybean futures barely held in their upward trading channel that has provided support for weeks, but the market posted a bearish daily reversal lower on Thursday.
Wheat futures were up slightly on the week, as the USDA report held no surprises.
Cotton futures were up slightly on the week despite a bearish increase to the U.S.
crop estimate by USDA.
The USDA report was also bearish for rice, although futures held steady as the market has already fallen significantly in recent weeks.
In the energy complex, front-month crude oil futures rallied to a 2 ½-year high, driven in part by political upheaval in Saudi Arabia.
In the livestock complex, live cattle futures tumbled as lower-than-expected Plains cash trade prices helped spark a wave of speculative long liquidation.
Strong wholesale beef prices were largely ignored as futures retreated from their recent contract highs.
Large speculative funds entered the week holding a very large net long position, which helped set the stage for the selloff.
Technically, futures appear to have made a major high.
Lean hog futures were also down on the week, pressured by weakness in cattle and softening cash hog markets.
Firm wholesale pork prices helped to limit the downside.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
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