In the News

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John Deere Increases Its Forecast For Farm Machinery Sales
A Top Priority Of Nat'l Cattlemen's Beef Assn Is To Expand Processing Capacity
Nutrien Reports Growing Success In Its Digital Services, Sold More Than $1 Billion Online In 2020 So Far

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.0550	4.3375	3.7325
Soybeans	+0.1075	11.9175	8.8200
Wheat	+0.0650	6.0600	5.2675
Cattle	+2.60	113.25	126.70
Hogs	+1.90	67.25	67.15
Cotton	+0.28	73.24	65.81
Milk	-0.65	15.33	19.30
Crude Oil	+3.11	45.53	58.11

Grain and soybean futures were higher in a holiday-shortened Thanksgiving week, with markets supported by technical buying, strong Chinese demand and concerns about dryness in South America. Continued strong corn export demand is driving the corn market, helping to push Dec. 2021 futures to their highest level in more than a year. Corn export shipments this marketing year thus far are up 60% from a year ago, and the prospect of a longer-term surge in Chinese corn buying is supporting prices. Soybean futures posted their highest weekly close in six years. While export demand for soybeans has faded, the market was supported by dryness in Argentina and Brazil, although forecasts are calling for some crucial relief in early December in key Brazil growing areas. Wheat futures were modestly higher in an up-and-down week, with support from strong weekly export sales on Friday including large sales to China, along with dryness in the southern Plains. That dryness in the Plains is expected to persist through at least December. Cotton futures were up slightly, remaining in a long-term uptrend.

Outside financial markets were lively in the holiday week. The Dow topped the 30,000-point mark for the first time, as investors remain optimistic about distribution of coronavirus vaccines starting next month. The dollar index made a 2 1/2 -month low amid predictions a Biden administration would encourage a dovish monetary policy, and crude oil climbed to a 2 1/2-month high. In the livestock complex, live cattle futures were higher, bolstered by firm wholesale beef prices and Plains cash cattle trade that was mostly higher from a week ago. Beef packer margins are enormous. The demand outlook is boosted in the near-term by Covid restrictions leading consumers to re-stock their freezers, and in the longer-term by the promise of a vaccine that will end the pandemic in the first half of 2021.

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