In the News

The December issue of Agri Marketing will include articles about this year's Product of the Year program honorees: Corteva Agriscience's Enlist E3 Soybeans and Winfield United's InterLock Adjuvant. To schedule your congratulatory ad contact Audrey Evans at 515/954-8389; AudreyE@AgriMarketing.com.

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.0225	3.7850	3.7275
Soybeans	-0.2125	8.9700	8.8300
Wheat	+0.1275	5.1875	5.0675
Cattle	-1.13	123.85	120.75
Hogs	-4.35	67.65	66.18
Cotton	-1.84	64.85	78.78
Milk	+0.19	18.75	14.32
Crude Oil	-0.20	58.03	54.63

Grain and soybean futures were mixed on the week, as wheat futures rallied while soybeans stumbled. Soybeans dropped amid technical selling and ample supplies. The early outlook for South American crops is favorable, with production in Brazil and Argentina poised to match year-ago levels. It is of course very early in the season, but conditions are favorable, particularly in Brazil. Wheat futures had support from crop concerns, including excessive rains in western Europe that could hurt winter wheat plantings there, as well as dryness in the Black Sea region. In the U.S., there are growing prospects of reduced soft red winter wheat acres due to this fall's weather. The U.S. corn harvest has continued to be the slowest in a decade, but besides that the corn market lacks significant fundamental news. Headlines on U.S.-China trade continue to be mixed, with both sides showing some willingness to work on a "phase one" trade agreement, while other signs point to this dragging on into the new year. Cotton futures tumbled amid technical pressure and lackluster demand. Crude oil futures were firm.

In the livestock complex, lean hog futures took a hard tumble in the first half of the week before stabilizing somewhat. The market was pressured by record-large hog supplies and a downturn in wholesale pork prices. The lack of progress on U.S.-China trade was also a factor, although weekly export sales at the end of the week were strong. Live cattle futures meanwhile were in a sideways pattern for much of the week as traders awaited Friday's Cattle on Feed report. Plains cash cattle trade was stronger on the week, underpinning futures. The Cattle on Feed report looked mildly friendly for the futures market versus expectations, but with placements at 110.2% of a year ago and feedlot inventories at 101.2%, it was hardly bullish.

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