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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.0400 | 3.5650 | 3.6375 |
| Soybeans | +0.0825 | 9.8550 | 10.4950 |
| Wheat | +0.1825 | 4.4100 | 4.2700 |
| Cattle | +1.90 | 124.63 | 118.70 |
| Hogs | -1.70 | 73.80 | 65.85 |
| Cotton | -2.94 | 80.48 | 74.19 |
| Milk | -0.24 | 13.32 | 16.75 |
| Crude Oil | +2.83 | 66.14 | 53.78 |
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Corn posted its highest weekly close in two months, underpinned by strength in wheat, solid export demand and ongoing concerns about Argentina production.
Those concerns about persistent hot, dry weather in Argentina were also supportive for soybeans.
Wheat futures were the big gainer, as winter wheat contracts surged with underlying support from dryness across the U.S.
Plains.
Short-covering by large speculative funds, which hold a large net short position, was a supportive factor for corn, soybeans and wheat.
Also supportive for the complex was a weaker U.S.
dollar, as the dollar index tumbled to a three-year low.
The dollar has been particularly weak against the euro and the Brazilian real, which is helpful for U.S.
wheat and soybean exporters.
However, world grain and oilseed supplies remain comfortable with few major crop disruptions around the world currently, which limits the markets' upside potential.
Cotton futures fell sharply, particularly nearby months, amid technical selling and profit-taking after strong recent gains.
December cotton made a new contract high before retreating.
While the dollar was making a three-year low, crude oil was rallying to a three-year high, on tightening U.S.
stockpiles and solid gasoline demand.
In the livestock complex, live cattle futures ended higher in an up-and-down week as traders awaited Friday's Cattle on Feed report.
Cash trade at $126-27 in the central and southern Plains, up $3 from the prior week, was supportive on Friday.
The Cattle on Feed report was negative with placements at 101% of a year ago in December, up from the average trade estimate of 96.9%.
Total feedlot inventories were right on trade expectations at 108% of a year ago (average estimate was 107.7%).
Lean hog futures were down on the week amid soft cash hog prices and technical selling.
April and June lean hogs fell to their lowest level in a month.
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