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The next issue of Agri Marketing will include the annual Farm Show Guide and a Salute to the Ag Media Summit. To schedule your 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	+0.1525	3.9500	3.9425
Soybeans	+0.4475	10.6550	9.2375
Wheat	+0.2050	5.9375	5.0025
Cattle	+1.50	112.60	111.18
Hogs	+4.63	67.13	69.48
Cotton	+1.82	67.64	62.09
Milk	+0.38	19.74	18.78
Crude Oil	+3.48	40.53	52.59

Grain and soybean futures were sharply higher, fueled by speculative buying as the markets made new multi-month, or multi-year highs. Friday's USDA report added fuel to the fire, as was bullish for soybeans in particular. Cuts to the soybean carryout were inevitable following USDA's Sept. 30 Grain Stocks report, but the soybean carryout of just 290 million bushels was well below the average analyst estimate of 369 million, and down from 460 million last month. The soybean crop yield was left unchanged, but harvested acreage was slashed. USDA estimated harvested acreage at 82.3 million, down from 83.0 last month and the average analyst estimate of 82.9. While the report wasn't as bullish for corn, USDA slashed harvested acreage. Wheat futures made fresh two-year highs at mid-week, amid support from dryness in the southern Plains as well as in the Black Sea region into Russia. Cotton futures surged to an eight-month high amid concern about crop damage from Hurricane Delta, which hit the Louisiana coast before heading north up the Mississippi Delta. Crude oil futures rallied to close back above $40, with the storm being one supportive factor.

In the livestock complex, live cattle futures price action was choppy with most contracts trading inside of the previous week's range as Plains cash trade was slow to develop. Renewed wholesale beef price weakness was a negative market factor and prospects for larger cattle marketings in early 2021 weighed on 2021 futures prices. Stock market strength provided some outside price support. Feeder cattle futures had a rough week, collapsing to 14-week lows under the weight of demand concerns spurred by rising corn prices. Lean hog futures had a strong week, buoyed by continued cash hog market firmness, strong wholesale pork prices and a big weekly pork export sales total driven by increased Chinese buying.

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