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January 25, 2021
In the News
Agri-marketers encouraged to participate in NAMA Foundation's auction. Proceeds benefit student members. For more information, see news item below.
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.3100 | 5.0050 | 3.8875 |
| Soybeans | -1.0500 | 13.1175 | 9.1375 |
| Wheat | -0.4100 | 6.3450 | 5.7775 |
| Cattle | +3.95 | 116.73 | 126.18 |
| Hogs | +2.00 | 69.93 | 67.55 |
| Cotton | +0.86 | 81.56 | 71.13 |
| Milk | -2.78 | 16.45 | 17.80 |
| Crude Oil | -0.35 | 52.07 | 56.74 |
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Grain and soybean futures were under pressure throughout a holiday-shortened week, and tumbled on Friday, retreating from recent contract highs amid profit-taking and speculative selling on the notion that markets were making a major top.
Corn fell by its 25-cent daily trading limit on Friday, and soybeans fell by as much as 60 cents.
Fundamentally there wasn't much fresh news to drive the selloff, although an improving Argentina weather outlook and stable Brazil crop expectations hung over corn and soybeans.
The markets retreated despite continued strong export demand for both corn and soybeans.
Soybean futures and wheat futures both fell to three-week lows.
Traders are starting to turn their attention to U.S.
planting possibilities, and early expectations are for a large jump in corn and soybean acres.
An exception to the bearishness in the ag complex was cotton, which held firm and made new contract highs, continuing an uptrend dating all the way back to last spring.
Optimism about the economy and demand, driven by promising signs about the vaccine, and expectations for a large U.S.
stimulus package, helped fuel new all-time highs for equities.
In the livestock complex, live cattle futures surged amid technical strength, surging wholesale beef prices and steady Plains cash trade.
Despite the strength, the cash market will likely face record-large market-ready cattle supplies for this time of year over the next several weeks.
On Friday, USDA in its monthly Cattle on Feed report pegged December feedlot placements at 100.8% of a year earlier, near the high end of trade expectations that averaged 97.0%.
Feeder cattle futures soared late in the week as corn prices tumbled.
Lean hog futures were higher, with summer contracts making new highs again on Friday amid expectations for tighter hog supplies and strong pork demand this summer.
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