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September 13, 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 | -0.0650 | 5.1750 | 3.6500 |
| Soybeans | -0.0550 | 12.8650 | 9.7750 |
| Wheat | -0.3775 | 6.8850 | 5.4825 |
| Cattle | -1.38 | 123.43 | 105.10 |
| Hogs | -7.13 | 82.45 | 64.38 |
| Cotton | -0.52 | 93.50 | 64.81 |
| Milk | +0.49 | 17.34 | 18.63 |
| Crude Oil | +0.43 | 69.72 | 37.30 |
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Grain and soybean futures were mostly lower on the week, although they did stage an impressive rebound on Friday following what was generally a bearish USDA Supply and Demand report.
Corn was on the defensive for most of the week, but bounced back after a USDA report that increased production more than expected.
The USDA report also slashed corn-use-for-ethanol and exports for the 2020-21 marketing year that just ended.
While the market's performance Friday was impressive, the upside should be limited by increasing harvest activity, especially with weather looking very favorable for early harvest progress over the next two weeks.
The idea that "big crops get bigger" will also be in traders' minds and while disruptions to Gulf exports are slowly easing, they could remain a drag on prices for the next few weeks.
Soybeans also bounced back Friday after the USDA report, which held no major surprises for beans.
Wheat futures were down sharply on the week and made six-week lows in Chicago and Kansas City on Friday.
Cotton futures were down on the week but remain resilient and in an uptrend.
The USDA report was negative though, as it included a big hike in U.S.
production and the Texas crop in particular.
The report was friendly for rice, including a decline in expected production.
Generally benign U.S.
weather hangs over the entire grain and oilseed complex, though drought in the Plains remains a longer-term concern and could limit the downside in wheat.
In the livestock complex, lean hog futures fell sharply amid dropping wholesale pork values and expectations of rising supplies.
Live cattle futures were also on the defensive amid on ongoing, seasonal decline in wholesale beef prices.
Packer margins remain enormous, and the trade enters the new week trying to gauge the impact of a fire at a JBS plant in Nebraska.
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