In the News

The Agri Marketing staff wishes you and yours a joyous holiday season!

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.1400	4.3750	3.8700
Soybeans	+0.5950	12.200	9.2850
Wheat	-0.0625	6.0825	5.4825
Cattle	+1.60	114.85	126.13
Hogs	+2.58	65.80	69.90
Cotton	+3.08	77.16	66.74
Milk	-0.60	15.62	17.34
Crude Oil	+2.25	49.00	60.85

Grain and oilseed futures were mostly higher on the week, with soybeans leading the way. Soybeans posted their highest weekly close in more than six years while making new contract highs. Expectations of tight 2021 ending stocks and concern about South American production helped underpin the market. Dryness in southern Argentina is the biggest crop threat. Corn prices also got a boost, posting their highest weekly close in 1 1/2 years, although trading volume was weak on the rally. The trade is starting to pay a little closer attention to 2021 U.S. planting prospects. The corn-to-soybean price ratio has been increasingly favoring soybeans as of late. But acreage overall is likely to be up, thanks to higher prices for a number of commodities along with potential gains from prevent plant acres that sat idle last year. Cotton futures soared to their highest level in nearly two years, with support from another strong week of export sales, including solid Chinese demand. Rice futures were also higher. Crude oil futures rallied to a 9-month high. The widespread gains came amid rising talk of inflation, along with a dollar index that made a 2 1/2 -year low.

In the livestock complex, live cattle futures gained amid signs that the wholesale beef market was stabilizing after steep recent losses. Holiday slaughter disruptions have added some near-term support to beef prices. Traders spent the week waiting for Friday's Cattle on Feed report, which ended up slightly friendly versus expectations. USDA pegged the Dec. 1 feedlot inventory at 100.0% of a year earlier, right on the average of trade estimates and put November feedlot placements at 91.1% of a year earlier, just below the average trade estimate of 91.4%. The demand outlook for beef and pork is improving long-term thanks to the vaccine rollout.

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