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January 6, 2020
In the News
We are distributing the forms to update your organization's listing in the annual Agri Marketing Services Guide. Please respond promptly. To schedule your ad, contact Audrey Evans: AudreyE@AgriMarketing.com. Happy New Year in the new decade!
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.0350 | 3.8650 | 3.7975 |
| Soybeans | 0.0000 | 9.4150 | 9.1275 |
| Wheat | -0.0175 | 5.5450 | 5.1375 |
| Cattle | -1.98 | 124.73 | 123.23 |
| Hogs | -2.03 | 68.55 | 62.15 |
| Cotton | +0.28 | 69.20 | 70.83 |
| Milk | -0.17 | 16.93 | 14.32 |
| Crude Oil | +1.29 | 63.01 | 47.09 |
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Grain and soybean markets were subdued in another holiday-shortened week.
Traders are looking ahead to the signing of the U.S.-China "phase one" trade deal.
That signing still appears to be set for Jan.
15 in the U.S., although China continues to be mostly restrained in both its public enthusiasm for the deal and in the details it is offering.
The deal is supportive for the entire ag complex, as meeting the stated target for purchases of U.S.
ag products is likely to require an "all of the above" buying program.
Upside in the grain and oilseed complex is limited by South American weather, which is generally favorable despite a couple of areas that are trending a little too dry.
Corn's upside may also continue to be limited by increasing talk of a big boost to U.S.
planted acres in the spring.
Rains in the southern Plains and generally favorable weather across the Northern Hemisphere hung over the wheat market and helped prompt profit-taking.
Crude oil futures were up on the week thanks mainly to a surge Friday on news that the U.S.
had taken out Iran's top military leader.
In the livestock complex, live cattle futures were lower on the week amid technical selling and profit-taking, with pressure from large feedlot placements in October and November.
Despite the weakness in futures, cash markets were firm, with Plains trade occurring at $124, up $2 from the prior week.
Further upside in cash prices is unclear given that packer operating margins have fallen sharply.
Lean hog futures were also down on the week.
Traders await more pork demand from China and the benefits of a trade deal, but in the near-term, exports have been soft.
Large hog supplies and weakness in wholesale pork values were negative factors for futures.
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