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November 16, 2020
In the News
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.0575 | 4.1950 | 3.8400 |
| Soybeans | +0.4650 | 11.4800 | 9.1525 |
| Wheat | -0.0700 | 6.0200 | 5.1375 |
| Cattle | +0.07 | 112.23 | 124.10 |
| Hogs | -2.45 | 64.58 | 74.55 |
| Cotton | +0.25 | 70.40 | 66.05 |
| Milk | -0.99 | 17.71 | 18.79 |
| Crude Oil | +2.97 | 40.46 | 57.20 |
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Soybean futures soared, rallying by about 50 cents in most contracts for the week after being propelled Tuesday by the USDA report.
USDA lowered its domestic corn and soybean 2020 crop estimates, and the cut sent the projected 2020-21 soybean carryout below 200 million bushels.
Technically, soybean futures remain in a strong uptrend and there are no strong indications the current rally has run its course.
On the weekly continuation chart, soybeans posted their highest close in more than four years.
The USDA report was bullish for corn as well, as it significantly hiked projected 2020-21 exports to what would be a record high if realized, but corn's gains on the week were modest.
Corn and soybean traders are watching weather conditions in South America, particularly dryness in Brazil.
Cotton futures were up slightly on the week, although bulls were disappointed by the USDA crop report, which did not slash production as expected.
Crude oil gained amid optimism about the economy after news Monday of a break-through on a vaccine, which could be widely available by spring.
The prospect of an effective vaccine also boosted the stock market.
In the livestock complex, cattle futures went on a wild ride as prices soared early in the week in reaction to the positive Covid vaccine news and gains in the stock market, but finished the week poorly.
Live cattle prices retreated despite stronger cash cattle trade and rising wholesale beef prices.
Prospects for seasonal weakness in packer demand due to holiday slaughter disruptions may also have pressured prices.
The holiday demand outlook is weaker with people being asked to limit holiday gatherings.
Lean hog futures were mostly lower amid seasonally large hog supplies and weak wholesale pork values.
December lean hog futures were up slightly on the week on their discount to the CME cash hog index.
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