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December 28, 2020
In the News
We are distributing the forms to update your organization's listing in the annual Agri Marketing Services Guide. Please respond promptly. To schedule your ad, contact Audrey Evans: AudreyE@AgriMarketing.com. Happy New Year to all!
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.1350 | 4.5100 | 3.8750 |
| Soybeans | +0.4350 | 12.6350 | 9.3650 |
| Wheat | +0.1875 | 6.2700 | 5.4100 |
| Cattle | +0.13 | 114.98 | 125.83 |
| Hogs | +1.15 | 66.95 | 70.70 |
| Cotton | -0.96 | 76.20 | 68.70 |
| Milk | +1.25 | 17.69 | 17.32 |
| Crude Oil | -1.01 | 48.23 | 61.11 |
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Corn and soybean futures made new highs in a holiday-shortened week, with soybeans again leading the way.
Soybeans rallied to new contract highs and a six-year-high on a front-month basis, driven by uncertainty over South American production and the prospect of very tight 2020-21 ending stocks.
The soy complex was also underpinned by a labor strike in Argentina that was causing disruptions to soy exports.
The corn market climbed as well, with support from soybeans and from dryness in Argentina.
Corn futures made a new 1 1/2 -year high on a front-month basis.
The upside is limited in part by a gloomy outlook for the ethanol industry amid weak fuel demand, and by expectations of increased U.S.
plantings in 2021.
The crop outlook in Brazil has stabilized and improved after a poor start to the season, while Argentina conditions have continued to deteriorate.
Wheat prices also gained, amid outside market support and persistent dryness in the U.S.
Plains.
The cotton futures market surged to its highest levels in more than 18 months, with support from strong export demand including sales to China.
Crude oil futures were lower and uncertainty about the potential for a Covid relief package from Washington hung over financial markets.
In the livestock complex, lean hog futures gained on the week, with the bulk of the strength on Wednesday ahead of the quarterly Hogs and Pigs report.
The report ended up largely neutral relative to trade expectations, with the total inventory at 99.1% of a year ago.
Live cattle futures were up slightly in a choppy week of trade.
Firm Plains cash cattle trade, up $1 to $2 from the prior week, supported futures.
Large market-ready cattle supplies figure to weigh on prices during the first quarter, although winter weather will be a market wildcard.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
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