|
 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.0525 | 3.4750 | 3.5650 |
| Soybeans | -0.2250 | 9.6725 | 10.2900 |
| Wheat | -0.0075 | 4.1825 | 4.0925 |
| Cattle | +2.73 | 121.03 | 110.72 |
| Hogs | -0.32 | 68.53 | 62.40 |
| Cotton | +2.20 | 75.92 | 71.67 |
| Milk | +0.09 | 14.47 | 17.31 |
| Crude Oil | -0.07 | 57.29 | 50.90 |
|
Favorable weather in South America weighed on the grains complex, particularly soybeans.
Argentina, which has been dealing with heat and dryness, is starting to see more rain, and forecasts calling for this to continue through Christmas weighed on the market.
Weather in Brazil is also favorable, and soybean crop estimates for that country have started to climb, reinforcing the likelihood that global supplies will remain abundant well into 2018.
USDA's monthly Supply and Demand report was not a major market-mover for corn, soybeans or wheat.
Changes of note include a 50-million-bushel increase in corn-use-for-ethanol demand, and a 25-million-bushel reduction in soybean export demand.
Both corn and soybean exports remain well off the pace needed to meet USDA's projections.
Cotton futures surged to new contract highs on speculative buying and tight near-term supplies, along with strength in exports.
USDA raised its cotton export estimate.
Rice futures tumbled to their lowest level in a month as exports weaken.
In the energy complex, crude oil was near unchanged on the week and remain in a sideways range.
Weekly crude production hit a record high, and estimates for 2018 production are climbing.
Crude's downside was limited, however, by contracting U.S.
inventories, strong world demand and a pipeline outage in Europe.
In the livestock complex, live cattle futures were higher on the week, driven by technically-drive short-covering after sharp recent losses and firm cash cattle trade.
Beef export demand remains solid, but wholesale beef prices eroded further as retailers' holiday needs were met.
Packer margins are thin given recent weakness in beef and strong late-week cash cattle trade.
Lean hog futures were down slightly, pressured by large supplies and softening cash hog prices.
Tumbling wholesale pork values, driven by big drops in belly and ham prices, weighed on futures.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
|
