In the News

The next issue of Agri Marketing will include salutes to Wyffels Hybrids on its 75th anniversary and G & S Communications on its 50th!

Nine Months: AGCO's Sales Up 24%, Net Income Doubles
RaboResearch: Challenging Times For Hog Producers With Rising Costs, Lower Prices, Decreasing Demand
Growth Energy Thanks Congress For $1 Billion In Biofuels Infrastructure Investment Proposal

Meristem And Western Iowa Agronomy Announce Agreement

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	+0.3025	5.6825	3.9850
Soybeans	+0.1875	12.4950	10.5050
Wheat	+0.1675	7.7275	6.0375
Cattle	+0.95	129.28	107.98
Hogs	+2.75	76.08	65.63
Cotton	+6.59	114.85	69.82
Milk	-1.03	18.58	23.28
Crude Oil	-0.42	83.34	36.17

Grain and oilseed futures were stronger across the board. Corn was lifted by strong cash markets due to harvest delays caused by rains across much of the Midwest. The market also has support from strong ethanol margins, which have pushed production levels close to record highs. Concern about soaring fertilizer costs causing reduced corn acreage next year is also supportive, though corn's rally was led by nearby months, indicating the main driver of the gains is near-term supply tightness. Soybeans gained on the support of corn. Gains in corn and soybeans were limited by the very strong start to the Brazil growing season and lackluster export demand. Wheat futures rallied, with Minneapolis leading the way. Spring wheat futures made a fresh contract high and 10-year high on a front-month basis. Nearby Chicago wheat posted its highest weekly close since August, and K.C. wheat posted its highest weekly close since 2014. Cotton futures also soared and have climbed back to within a couple of cents of their contract highs after falling sharply earlier in the month. Both old-crop and new-crop cotton contracts posted contract-high closes. The ag complex has support from broader inflationary pressures. Supply-chain disruptions around the world are helping feed concerns about food security.

In the livestock complex, lean hog futures rallied amid month-end positioning and their discount to cash in nearby months. Reduced hog production and expectations for rising demand from retailers ahead of Christmas added some fundamental support. Technically, deferred lean hog futures appear to have made significant price lows after charting bullish reversals off of long-term lows on Thursday. Live cattle futures ?were higher with strength early in the week. Plains cash prices were firm, and market-ready cattle supplies should tighten during November. Wholesale beef prices have been soft recently, however.

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