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November 29, 2021
In the News
Watch your e-mail tomorrow for the form to update your organization's listing in the 2022 Agri Marketing Services Guide!
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.1475 | 5.9175 | 4.2750 |
| Soybeans | -0.1050 | 12.5275 | 11.8400 |
| Wheat | +0.0600 | 8.4025 | 5.9650 |
| Cattle | +3.50 | 141.20 | 114.18 |
| Hogs | -1.45 | 81.03 | 67.68 |
| Cotton | -4.65 | 111.78 | 72.36 |
| Milk | -0.25 | 18.32 | 15.33 |
| Crude Oil | -7.79 | 68.15 | 45.71 |
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It was a holiday-shortened week, with low volume, but there was no shortage of fireworks, as grain and oilseed futures tumbled late in the week as the discovery of a new Covid variant in South Africa reignited fears about economic growth and potential lockdowns around the world.
Soybeans posted a weekly loss, with added pressure from a very benign South American weather outlook and expectations for a big crop there.
Corn ended the week higher despite the pressure late in the week, with support from strong ethanol margins and production.
Wheat also was up on the week, barely, but the market looks terrible technically, having posted a bearish reversal off of multi-year highs on Wednesday and then gapping lower on Friday.
Rice fell sharply amid profit-taking and outside-market pressure.
Cotton futures tumbled on Friday as crude oil plunged by $10 and equities fell sharply.
The selloff was prompted mainly by fears that the new variant could escape vaccine protection.
However most scientists seem to agree that vaccines should still provide at least some protection.
The scare over the new variant may be overblown, but it also comes amid rising cases in Europe that have prompted lockdowns there.
In the livestock complex, live cattle futures were higher and ended the week on a strong note, making new contract highs in the February and April contracts.
Plains cash cattle trade was the driver, with prices up $2 to $3 from the prior week on Tuesday and then up another $2 to $3 on Wednesday.
These sharp increases are eating into packer margins, which have come down dramatically over the past several weeks and yet remain very healthy.
Hog futures were volatile and ended the week on a down note, with February posting a bearish outside day down after earlier making a six-week high.
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