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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	+0.1725	4.1925	3.8775
Soybeans	+0.3375	10.8375	9.3375
Wheat	+0.0750	6.3275	5.2075
Cattle	-5.05	103.58	115.25
Hogs	-2.77	67.03	65.83
Cotton	+1.37	71.29	64.95
Milk	+1.27	22.19	19.01
Crude Oil	-1.27	39.85	52.80

Grain and soybean futures extended their remarkable rally amid bullishness over potential export demand and uncertainty about South American planting. Corn futures rallied to their highest level in more than a year on a front-month basis, while soybeans made a four-year high and Chicago wheat made a 5 1/2 -year high. Strong corn and soybean export demand is driving the market and making domestic end-users bid up for supplies. Much of this is tied to China, and a report late in the week that China's government is expected to issue more import quotas and buy millions of metric tons of additional corn in the new crop marketing year amid a surge in animal feed demand and tightening supplies added fuel to the corn market. Dryness in Brazil, and a wetter pattern in the U.S. Midwest that slowed the harvest added to the short-term support. Bull-spreading has been a feature across the grains complex. Cotton futures made a nine-month high amid strong export prospects and concerns about U.S. production. The ag markets rallied despite subdued outside markets including crude oil. Rising coronavirus cases in Europe and the U.S., and diminished prospects for a government stimulus package, are weighing on the demand outlook.

Live cattle futures collapsed further under pressure from weaker-than-expected cash cattle prices, technically-driven selling and expectations for Friday afternoon's USDA Cattle-on-Feed report to show a record large Oct. 1 feedlot inventory. Concerns about rising Covid-19 cases may also have spurred fresh demand worries, even as wholesale beef prices stabilized. USDA on Friday pegged the Oct. 1 feedlot inventory at a record large 11.72 million head, 103.8% of a year earlier. The inventory was at the high end of trade estimates as were September feedlot placements at 106.2% of a year earlier. Lean hog futures were down amid weaker wholesale pork and cash hog values.

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