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September 7, 2021
In the News
The next issue of Agri Marketing will include the annual Farm Show Guide and an update on Farm Broadcasting. To schedule your ad contact Audrey Evans at AudreyE@AgriMarketing.com.
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.2975 | 5.2400 | 3.5375 |
| Soybeans | -0.3125 | 12.9200 | 9.6600 |
| Wheat | -0.0625 | 7.2625 | 5.5325 |
| Cattle | -4.33 | 124.80 | 103.93 |
| Hogs | -1.15 | 89.58 | 59.25 |
| Cotton | -0.82 | 94.02 | 64.28 |
| Milk | +0.21 | 16.75 | 18.96 |
| Crude Oil | +0.48 | 69.22 | 41.37 |
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Grain and soybean futures were on the defensive throughout the week, pressured by Hurricane Ida's damage to Gulf port infrastructure and concerns about how that could affect corn and soybean exports.
While crop damage from the storm generally wasn't as bad as feared, Ida did knock out power across southern Louisiana and caused major damage to some grain facilities.
Restoring power and repairing facilities could take weeks, and with the harvest starting up, basis levels for corn and soybeans have fallen sharply.
Meanwhile weather conditions across the Midwest have been mostly favorable, with rains giving a late-season boost to soybean crops in the northwest Corn Belt, and the harvest weather outlook is also mostly favorable.
Along with the export concerns, ethanol production has continued to slide.
In the last week of August, weekly ethanol production, excluding the last 18 months since the pandemic started, was at its lowest level since 2016.
Traders are looking ahead to the Sept.
10 USDA Supply and Demand report, which is expected to include both demand and planted acreage revisions.
Cotton futures were firm, bouncing back from early weakness amid technical support and help from a weaker dollar, which fell late in the week on a negative weekly U.S.
jobs report.
In the livestock complex, it was an ugly week in the cattle market as live cattle futures continued to retreat sharply from the new contract highs they posted after USDA's August Cattle-on-Feed report.
Seasonal weakness in wholesale beef and cash cattle prices added fundamental pressure.
Packers continue to enjoy huge margins, though, and can absorb a lot of beef price declines.
Lean hog futures were choppy and dull, with weakness in nearby months but strength in some 2022 contracts, amid expectations for hog supplies to tighten during the first half of next year.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
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