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September 14, 2020
In the News
The next issue of Agri Marketing will include the annual Farm Show Guide. To schedule your Show's ad, contact Audrey Evans at AudreyE@AgriMarketing.com. Ph: 515/954-8589.
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.1050 | 3.6850 | 3.6000 |
| Soybeans | +0.2800 | 9.9600 | 8.6650 |
| Wheat | -0.0825 | 5.4200 | 4.7750 |
| Cattle | +1.08 | 105.53 | 98.50 |
| Hogs | +6.75 | 66.58 | 60.18 |
| Cotton | -0.18 | 64.81 | 59.37 |
| Milk | +0.35 | 19.24 | 18.41 |
| Crude Oil | -2.46 | 37.31 | 55.75 |
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Corn and soybean futures surged amid reduced U.S.
crop expectations and an ongoing surge in demand from China, particularly for soybeans.
November soybeans hit their highest level in three years, driven by technical buying and daily export sales to China reported by USDA.
In the corn market, December futures rose to a 5 1/2-month high, with bullishness over more potential Chinese demand partially offset by a gloomy ethanol demand outlook.
Grains traders were waiting for Friday's USDA crop report, and it came in near expectations, with crop reductions that were largely expected.
USDA slashed its soybean crop estimate by 112 million bushels, the largest cut it has made in September since 2003.
The USDA report was neutral for wheat, but ample rains early in the week in parts of the Plains have boosted the hard red winter wheat crop outlook.
Outside financial markets were a headwind for the ag complex early in the week, as the dollar index surged after making a two-year low earlier in the month, and crude oil broke out of a prolonged sideways pattern to its lowest price since early summer.
The swoon in the crude complex reflects lackluster demand and growing concern about a glut, and it presents another challenge for the ethanol industry.
In the livestock complex, live cattle futures were higher amid prospects for tightening market-ready cattle supplies.
While stronger cash cattle prices failed to materialize and wholesale beef prices were down sharply, futures were underpinned by surging hog prices.
Lean hog futures were propelled by the discovery of African swine fever in a wild boar in Germany, which provides a boost to U.S.
pork export prospects.
This adds to existing optimism about exports tied to China's recent ag commodity buying spree.
Packer margins for both beef and pork remain very strong.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
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