In the News

The Agri Marketing staff wishes all a Happy Thanksgiving!

Electric Powered, Autonomous Tractor Development Monarch Receives $61 Million In Additional Funding
JBS Acquires Majority Stake In Spanish Cultivated Meat Company BioTech Foods For $100 Million
Trimbles' Bryn Fosburgh Inducted Into Assn Of Equipment Mfgrs Hall Of Fame

New Nat'l Assn Of Farm Broadcasting Officers, Board Named
Liz Vickerman Joins Farm Journal, Will Launch Its New Market Intelligence Division
Mike Adams To Retire From Adams On Agriculture Radio Network, Mike Pearson Named Host, New Name Announced

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WEEKLY COMMODITY HIGHLIGHTS

Nearby Futures	Weekly Change	Friday's Close	Year Ago
Corn	-0.0800	5.7700	4.2725
Soybeans	+0.1900	12.6325	11.7750
Wheat	+0.0575	8.3425	5.9875
Cattle	+1.60	137.70	110.53
Hogs	+1.93	82.48	63.05
Cotton	+1.35	116.43	71.67
Milk	+0.58	18.75	16.31
Crude Oil	-3.89	75.80	41.90

Grain and soybean futures were mostly higher on the week. Soybeans gained on a string of export sales, and on soybean meal strength. Demand for soybean meal is rising due to a shortage of lysine, which is causing hog producers in particular to turn to meal. The corn market traded a relatively tight range in a quiet week, with underlying support from strong demand from ethanol producers as production margins are robust. The upside in corn and soybeans is limited by continued very favorable conditions in both Brazil and Argentina, which is feeding expectations for a large crop. Also corn traders watched warily throughout the week for confirmation of rumors that the Biden Administration was poised to cut the Renewable Fuel Standard. Wheat futures were underpinned by strong global demand, and ideas that U.S. exports will get a boost from export restrictions in Russia and high prices in Europe. Wheat also has support from concern about global food security amid supply chain disruptions and inflation. These concerns are also helping to drive rice, which surged during the week. Cotton futures resumed their rally, with the most-active March contract setting a new contract high.

The gains in the grain and oilseed complex were impressive given the they came in the face of a strong U.S. dollar, which surged to a 16-month high, and soft crude oil prices. In the livestock complex, live cattle were firm with the help of stronger Plains cash cattle prices. Friday's Cattle on Feed report did not have any big surprises for the market, pegging October feedlot placements at 102.4% of a year earlier, versus an average trade estimate of 102.2% and putting the Nov. 1 feedlot inventory at 99.8%, matching the average of trade estimates. Lean hog futures were up, supported by a rebound in wholesale pork values in the second half of the week.

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