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October 18, 2021
In the News
Be sure to register for the upcoming Nat'l Assn of Farm Broadcasting (NAFB) convention. Nov. 17-19, Kansas City. For more info click here. |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.0475 | 5.2575 | 3.8275 |
| Soybeans | -0.2525 | 12.1775 | 10.2350 |
| Wheat | +0.0000 | 7.3400 | 5.7025 |
| Cattle | +0.72 | 130.98 | 111.83 |
| Hogs | -3.22 | 78.28 | 62.85 |
| Cotton | -3.27 | 107.33 | 65.91 |
| Milk | +0.59 | 19.36 | 19.14 |
| Crude Oil | +2.92 | 81.68 | 38.72 |
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Grain and oilseed futures were mostly lower on the week, with soybeans leading the way down amid harvest pressure and USDA's larger-than-expected 2021 crop estimate.
Prices did rebound late in the week.
But history favors corn and soybean crop estimates increasing by January, as there is some truth to the phrase "big crops get bigger." On the positive side for prices, Chinese buyers clearly stepped up purchase of U.S.
soybeans this week and U.S.
soybean export shipments are finally back to something resembling normal in the wake of Hurricane Ida.
Corn was also under pressure, from soybeans and USDA's revisions to the corn balance sheet.
Losses were limited by sloppy harvest conditions with frequent rains in parts of the Midwest, and by surging crude oil prices, which are at a 7 1/2 -year high.
Midwest weather conditions are expected to be improved through the end of October, and South American weather conditions are favorable early in their growing season.
Wheat futures were mixed on the week in Chicago and Kansas City, but Minneapolis spring wheat continued to make new highs.
The cotton market fell sharply and was a dime off of the recent 10-year high.
In the livestock complex, lean hogs were down on the week amid weaker wholesale pork values and cash hog fundamentals.
Live cattle futures were modestly higher, amid signs of stabilizing wholesale beef prices and solid consumer demand.
Plains cash cattle markets were mostly firm on the week at $124, and packer margins, while having contracted considerably, are still enormous compared to historical norms.
Surging U.S.
equities added to the positive tone.
While inflation and labor shortages remain a concern economy-wide and for agriculture, some of the supply chain issues are also being fed by robust demand.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
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