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November 20, 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 | -0.0050 | 3.4300 | 3.4200 |
| Soybeans | +0.0350 | 9.9050 | 9.8950 |
| Wheat | -0.0425 | 4.2725 | 4.0300 |
| Cattle | -1.73 | 118.85 | 108.225 |
| Hogs | -1.83 | 60.65 | 47.45 |
| Cotton | +0.73 | 69.78 | 73.38 |
| Milk | +0.02 | 16.79 | 16.73 |
| Crude Oil | -0.19 | 56.55 | 45.42 |
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Corn futures were under pressure for most of the week from climbing crop estimates and lackluster export demand.
The market did get a boost on Friday however from strengthening basis levels and optimism that exports would improve.
Soybean futures were up slightly on the week after also surging on Friday.
The late rally in soybeans was driven in part by worries about crop weather in Argentina, and indications that the anticipated La Nina weather event could be stronger than initially thought.
Crop prospects in Brazil, however, remain good.
Wheat futures were lower as the market continues to chop sideways with ample global supplies preventing rallies.
Wheat has underlying support from dryness in the southern U.S.
Plains and reduced U.S.
winter wheat seedings.
Cotton futures were up on the week thanks mainly to huge weekly export sales of more than 500,000 bales.
Rice futures also surged on bullish export news, in this case the sale of 90,000 metric tons of U.S.
rice to Iraq in a direct deal outside the normal tender process.
Crude oil futures were down slightly on the week.
In the livestock complex, both cattle on hogs spent much of the week on the defensive amid speculative liquidation.
Lean hogs were pressured by weakening cash prices as packers had no trouble meeting slaughter needs, with the holiday-shortened slaughter schedule limiting demand.
Live cattle futures fell as Plains cash markets weakened for the second week in a row.
Cash trade occurred mostly at $119.50, down $3-$4 from the prior week.
Seasonal weakness in beef prices is another negative market factor.
Traders were also awaiting the monthly Cattle on Feed report, which came out Friday and was slightly negative.
Total feedlot inventories were 106% of a year ago, in line with expectations.
Placements however came in at 110%, up from the average analyst estimate of 107.7%.
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