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 515/954-8589; AudreyE@AgriMarketing.com.

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0275	3.8125	3.7325
Soybeans	-0.2025	8.7675	8.8725
Wheat	+0.2300	5.4175	5.0775
Cattle	+2.35	126.20	120.28
Hogs	+0.52	68.18	67.35
Cotton	+0.51	65.36	78.68
Milk	+0.52	19.30	14.14
Crude Oil	-2.60	55.17	51.45

Wheat futures were the leader in the complex, surging to four-month highs on Friday in Chicago and Kansas City. Fundamentally the market has had support from concerns over crops in various parts of the world, including dryness in the Black Sea region and excessive rains in western Europe, although those issues appear to be improving instead of getting worse. Trading volume was light throughout the grains complex in a holiday-shortened week. Soybean futures continued their slide, ending lower every day of the week and falling to a fresh 2 1/2 -month low on Friday. A mostly favorable South American crop outlook and technical selling pressured the market. It was an especially bad month for soybeans, which lost 65 cents in the January contract in November. Corn futures were nearly unchanged on the week, underpinned by harvest problems in the Upper Midwest and the growing likelihood that a portion of the crop won't get harvested for weeks or months. Cotton and rice futures were both firm on the week, supported by solid export demand. Crude oil futures retreated late in the week.

In the livestock complex, live cattle futures were stronger, making new highs for the move and a contract high in February amid higher cash market prices and strong demand. The market also had some support from harsh winter weather in the Upper Midwest and Plains. Beef packer margins remain very large. Lean hog futures bounced back strongly on Friday from multi-week lows, and closed higher for the week. Various contracts posted large bullish outside days higher on the daily charts on Friday. The hog complex has support Friday from strong weekly pork export sales, including 23,100 metric tons to China, which will boost optimism about demand as China deals with the ongoing African swine fever crisis.

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