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October 4, 2021
In the News
Be sure to attend the Agricultural Relations Council's (ARC) annual meeting in Richmond, VA, Oct. 26-28. For more information click here. |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.1475 | 5.4150 | 3.8275 |
| Soybeans | -0.3850 | 12.4650 | 10.2350 |
| Wheat | +0.3150 | 7.5525 | 5.7025 |
| Cattle | -2.95 | 125.20 | 111.83 |
| Hogs | +8.38 | 85.18 | 62.85 |
| Cotton | +8.54 | 104.53 | 65.91 |
| Milk | +1.23 | 18.19 | 19.14 |
| Crude Oil | +1.65 | 75.63 | 38.72 |
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Soybean futures tumbled in the wake of Thursday's Sept.
1 quarterly stocks report from USDA.
Soybean stocks of 256 million bushels were 81 million bushels above USDA's prior 2020-21 ending stocks estimate, and well above the highest pre-report analyst estimates.
The increase was due almost entirely to an upward revision of 80 million bushels in 2020 production, so the report did not have any negative implications for demand.
USDA's quarterly stocks report was also negative for corn, and indicated weaker-than-expected feed use.
But after an initial negative market reaction to the report, corn futures bounced back with help from sharp gains in wheat futures and expectations for lower U.S.
corn acreage next year amid high fertilizer prices.
The USDA report was friendly for wheat, which surged throughout the week.
Cotton futures were the big gainer, soaring to a new 10-year high.
The market has support from uncertainty about the West Texas crop and ill-time rains in several areas around the world, including the U.S.
South as well as cotton-growing areas in China and India.
Robust export demand from China is another supportive factor.
Crude oil also rallied, amid growing concerns about energy supplies this winter in Europe and in China.
In the livestock complex, lean hog futures opened the week sharply higher in response to USDA's lower-than-expected quarterly hog inventory numbers and continued to extend gains throughout the week.
Renewed strength in wholesale pork prices and technical buying also boosted futures.
Pork packer margins have surged amid the higher pork prices, which will keep demand for hogs strong.
Live cattle futures meanwhile were on the defensive, pressured by ongoing seasonal weakness in wholesale beef prices and concern about consumer demand.
Cattle supplies remain adequate to meet near-term demand, although tighter supplies are still expected later this year.
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