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December 7, 2020
In the News
Entries for Agri Marketing's Product of the Year program are now open! For more info go here. |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.1325 | 4.2050 | 3.7850 |
| Soybeans | -0.2875 | 11.6300 | 8.7800 |
| Wheat | -0.3050 | 5.7750 | 5.2750 |
| Cattle | -0.85 | 112.40 | 124.18 |
| Hogs | -0.67 | 66.58 | 68.43 |
| Cotton | -1.69 | 71.55 | 64.70 |
| Milk | -0.29 | 15.73 | 18.91 |
| Crude Oil | +0.60 | 46.13 | 58.43 |
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Grain and soybean futures were down on the week, pressured by an improved South American weather outlook, technical selling and reduced soybean export demand.
For soybeans, it was the first weekly loss in five weeks.
Forecasts calling for improved rains in Brazil in the first half of December weighed on the market, easing concerns about crop potential, though it is still early in the season.
Meanwhile USDA has not announced any fresh daily soybean export sales in a month.
Corn export demand on the other hand has remained robust, though that wasn't enough to push prices higher in the past week.
The corn market has made a number of negative technical signals, including a bearish outside week lower.
Fundamentally, the bullish export trend is partially offset by a gloomy outlook for ethanol, as ethanol stockpiles rise while fuel demand remains stagnant.
Wheat futures were also lower.
Cotton was lower as well, although it continues to find technical support.
The ag complex had support from outside financial markets, including a plummeting U.S.
dollar, which made a 2 1/2 -year low, and a rally in crude oil futures to a multi-month high.
In the livestock complex, live cattle futures were lower, pressured by soft wholesale beef prices and disappointing Plains cash cattle trade.
Cash trade occurred mainly at $109-110, down a dollar from the prior week.
The cash tone may remain weak over the next month due to holiday slaughter disruptions.
Packer margins are huge though, and they can absorb a good deal of beef market weakness and still maintain good margins.
Lean hog futures have drifted lower in choppy trade under pressure from ample hog supplies and softening wholesale pork values.
Losses in summer moth contracts were limited by prospects for reduced hog production in the first half of 2020.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
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