In the News

Happy Thanksgiving! Entries for Agri Marketing's Product of the Year program are now open. For more info go here.

Farm Bureau Study Reports Cost Of Thanksgiving Dinner Is Lowest In Ten Years
ADM, InnovaFeed Announce Construction Of World's Largest Insect Protein Facility In Decatur, IL
AgriFood Tech Investment Climbs Amid Pandemic, Political Turmoil
EPA Says It Will Re-Evaluate Dicamba Label Restrictions In Light Of Ag Groups' Concerns

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0875	4.2825	3.7725
Soybeans	+0.3300	11.8100	9.0500
Wheat	-0.0250	5.9950	5.1875
Cattle	-1.57	110.65	125.48
Hogs	+0.77	65.35	66.78
Cotton	+2.56	72.96	64.28
Milk	-1.70	16.01	18.44
Crude Oil	+2.00	42.40	57.01

Grain and oilseed futures were mostly higher, with soybeans continuing to be the leader to the upside. Soybeans hit a fresh 4 1/2 -year high. The market is being driven by talk of a U.S. 2020-21 carryout well below 200 million bushels. Meanwhile dry weather in Brazil and Argentina has fed concerns about crops there, although recent weather trends have been a little more favorable. Corn followed soybeans higher, and the market was underpinned by ongoing rumors of more Chinese buying of U.S. corn. The wheat market was disappointing for bulls, as it remained stagnant despite the strength in corn and soybeans. Although there are concerns about dryness in the southern U.S. Plains, favorable conditions in Europe and expectations of a big Australian crop are hanging over prices. Cotton futures rallied amid technical support. In financial markets, investors were cheered by more positive news on Covid vaccine development, and the growing likelihood distribution will start in December. Crude oil rallied. However the short-term economic outlook remains gloomy due to rising coronavirus cases, economic restrictions, and the lack of any plan in Congress for federal relief.

In the livestock complex, after starting the week firm on vaccine news and wholesale beef market strength, live cattle futures hit the skids. Futures slid to three lows on Friday morning, before rebounding somewhat on position evening ahead of the release of USDA's monthly Cattle-on-Feed report. USDA's monthly Cattle-on-Feed report looked slightly friendly relative to trade expectations, but still indicated historically large numbers of cattle in feedlots. USDA pegged the Nov. 1 feedlot inventory at 101.3% of a year earlier, and the inventory was the largest ever recorded for Nov. 1 in USDA data going back to 1996. Lean hog futures were mixed in an up-and-down, highly volatile week. Hog and pork prices have been pressured by large hog supplies and demand uncertainty.

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