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October 22, 2018
In the News
Nominations for Agri Marketing's Product and NEW Product of the Year are now open. To enter go here. |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.0675 | 3.6700 | 3.5275 |
| Soybeans | -0.1075 | 8.5675 | 9.7875 |
| Wheat | -0.0250 | 5.1475 | 4.2600 |
| Cattle | -0.0750 | 112.25 | 111.675 |
| Hogs | -4.4000 | 51.60 | 64.85 |
| Cotton | -0.4500 | 77.92 | 66.88 |
| Milk | -0.0600 | 15.55 | 16.60 |
| Crude Oil | -2.22 | 69.12 | 51.47 |
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Grain and soybean futures were mostly lower on the week amid improving Midwest harvest conditions and concerns about export demand.
Soybean futures started out the week with a bang and ended it with a thud as they more than erased Monday's strong rally.
Fast planting progress in Brazil and favorable South American conditions hung over the market.
Cancellations of export sales to China and “unknown” destinations also pressured over the market, reinforcing concerns about the U.S.-China trade war.
There's no sign of progress in that trade war.
Poor weekly export sales also weighed on corn and soybeans.
Wheat futures were down slightly on the week but lack direction.
Winter wheat plantings have been slowed by rains across the Plains and the Corn Belt, but conditions have started to improve, particularly in the Corn Belt.
While rains have continued to slow progress in the southern Plains, in the end the most important outcome from this will be ample soil moisture in a region that often needs it.
Wheat bulls' hope for the market rests with Russian wheat export restrictions, but it's been a couple weeks since there was any compelling news about that.
Cotton futures were down slightly despite concerns about crops in southwest Georgia and West Texas.
In the livestock complex, lean hog futures fell sharply, coming under pressure from weaker cash hog and wholesale pork values.
Futures started out the week on support from new cases of African Swine Fever in China, but then broke to multi-week lows amid rising supplies.
At this point it is clear that futures put in significant highs in early October.
Live cattle futures were steady as traders awaited Friday's Cattle on Feed report.
That report was friendly as USDA pegged the Oct.
1 feedlot inventory at 105.4% of a year earlier, below the range of pre-report trade estimates.
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