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September 28, 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 | -0.1325 | 3.625 | 3.7425 |
| Soybeans | -0.4100 | 10.0250 | 8.8925 |
| Wheat | -0.3075 | 5.4425 | 4.7725 |
| Cattle | -0.45 | 111.40 | 108.50 |
| Hogs | +0.90 | 64.43 | 71.40 |
| Cotton | +0.29 | 65.95 | 60.45 |
| Milk | -0.74 | 18.85 | 18.09 |
| Crude Oil | -1.14 | 40.18 | 56.49 |
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Grain and soybean futures were down sharply, with soybeans and wheat leading the way amid profit-taking after strong recent gains.
A strong U.S.
dollar helped set a negative tone for the commodity complex.
The market fell sharply early in the week, and regained only a little ground late.
In soybeans, the sharp losses were driven mainly by long liquidation rather than new selling.
With specs still holding a large new long position, there's plenty of room for further speculative long liquidation.
Corn and soybeans were also pressured by the early stages of harvest, which accelerated significantly thanks to a prolonged period of warm, dry weather across the Midwest.
While the coming week will show a colder trend with frost possible in some areas, the cold could do as much good as harm in some cases, allowing the crop to finish quickly.
Most importantly, below-average precipitation is expected in the Midwest over the first 10 days of October.
Helping to limit the pressure on soybeans and corn is continued demand from China.
Cotton futures were up slightly, as the market remains in an uptrend dating back to the spring.
Crude oil futures were lower and back in their stagnant, sideways pattern near $40.
In the livestock complex, it was a mixed week for live cattle futures as nearby contracts found support from stronger cash markets and tightening market-ready cattle supplies, while more deferred months were pressured lower by prospects for large marketings during the first half of next year.
Friday's Cattle on Feed report pegged August feedlot placements at 109.2% of a year earlier and put the Sept.
1 at 103.8% of a year earlier, near the high end of trade expectations.
The quarterly Hogs and Pigs report issued Thursday looked negative for lean hog futures, but the market had a positive reaction on Friday.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
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