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September 27, 2021
In the News
NAMA's Fall Conference will be held next week in St. Louis. For more information, click here. |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.0050 | 5.2675 | 3.6350 |
| Soybeans | +0.0100 | 12.8500 | 10.0000 |
| Wheat | +0.1500 | 7.2375 | 5.4975 |
| Cattle | +0.63 | 128.15 | 112.28 |
| Hogs | +1.75 | 76.80 | 62.38 |
| Cotton | +3.66 | 95.99 | 65.46 |
| Milk | -0.02 | 16.96 | 18.09 |
| Crude Oil | 2.12 | 73.94 | 40.31 |
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The grain and oilseed complex fell sharply to start the week and spent most of the week slowly recovering, with various markets erasing those early losses by Friday.
The early-week plunge was prompted by worry over a huge Chinese property developer's debt problems and the prospect the issue would lead to "contagion." Equities and crude oil had also fallen sharply to start the week, while the dollar surged.
All of those trends in outside markets reversed through the rest of the week.
For corn and soybeans, the upside was limited by the ongoing harvest and mostly favorable weather conditions, though yield reports remain highly variable.
Exports out of the Gulf are slowly recovering after the damage from Hurricane Ida.
Meanwhile corn traders were trying to make sense of reports of leaked EPA plans for renewable fuel obligations, which indicated volumes well below expectations for 2020 through 2022.
The top performer on the week was the cotton market, which appeared to suffer a major technical breakdown on Monday, only to recover and end the week back near contract highs.
Forecasts calling for heavy rains in West Texas, which would be ill-timed, were a supportive factor.
In the livestock complex, lean hog futures were higher amid volatile pork prices as traders awaited Friday's quarterly Hogs and Pigs report.
That report did turn out friendly: USDA reported that the supply of all hogs as of Sept.
1 was 96% of a year ago, versus the average analyst estimate of 98.3%.
Hogs kept for breeding and for marketing were also lower than expected.
Gains in live cattle were modest, and limited by seasonal weakness in wholesale beef prices and concern about consumer demand.
Friday afternoon's Cattle on Feed report showed feedlot supplies a little larger than expected.
Plains cash cattle trade was mostly steady with the prior week.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
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