In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0700	4.0200	3.9175
Soybeans	-0.1550	10.5000	9.2800
Wheat	+0.3150	6.2525	5.1325
Cattle	-3.97	108.63	113.88
Hogs	+2.68	69.80	70.63
Cotton	+2.28	69.92	64.54
Milk	+1.11	20.84	18.68
Crude Oil	+0.16	41.07	51.38

Grain and soybean futures were mixed on the week. Wheat soared, making a five-year high in Chicago and two-year high in Kansas City, driven by dryness in the U.S. Plains and in Russia, along with speculative buying. Speculators have also been pouring into the corn market, which made a one-year high before profit-taking emerged on Friday. The corn market also has support from strong export demand, along with some possible disruptions for the second half of the harvest as a wetter, cold pattern emerges in the Corn Belt. Soybean futures sold off amid harvest pressure, and spreads weakened. Slow planting in Brazil has been a supportive factor for corn and soybeans, although it is still early in the season. Cotton futures surged to an eight-month high on uncertainty about U.S. production and technical buying. The crude oil market continues to hover right around the $40 level, amid ample world supplies and uncertainty about the economy as winter approaches and coronavirus cases climb in the U.S. and Europe.

In the livestock complex, live cattle futures came under considerable pressure from disappointing Plains cash trade, wholesale beef market weakness and technically-driven selling. Rising coronavirus cases and the absence of a U.S. economic stimulus package also likely spurred demand worries. Most-active December live cattle fell to a five week low on Friday. Feeder cattle futures were hit even harder as rising corn prices and the weaker fed cattle markets boosted demand concerns. Lean hog futures had another good week supported by strong wholesale pork prices and firmer-than-expected cash hog prices. December futures rose strongly on the week as they narrowed to a firm CME cash lean hog index with October futures going off the board. Summer 2021 contracts continued to find support from expectations for lower first-half hog production, but were pressured by bull spreading and technically-driven profit taking.

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