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December 6, 2021
In the News
Forms to update your organization's info in the 2022 Agri Marketing Services Guide were e-mailed last Tuesday. If your organization did not receive the e-mail, please contact us at msg@agrimarketing.com and tell us the name of your firm and your contact's e-mail address. Thank you!
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.0775 | 5.8400 | 4.2750 |
| Soybeans | +0.1450 | 12.6725 | 11.8400 |
| Wheat | -0.3650 | 8.0375 | 5.9650 |
| Cattle | -2.25 | 138.95 | 114.18 |
| Hogs | +0.47 | 81.50 | 67.68 |
| Cotton | -7.58 | 104.20 | 72.36 |
| Milk | +0.29 | 18.61 | 15.33 |
| Crude Oil | -1.95 | 66.20 | 45.71 |
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Grain and soybean futures were mixed on the week, with the new Omicron Covid variant again driving commodities and equities.
The grains complex was under pressure early in the week as investors tried to gauge the impact of Omicron on the global economy and demand.
But fears about the variant appeared to wane later in the week.
The complex also had support from fresh Chinese demand for U.S.
soybeans, and continued strong ethanol margins.
On the negative side, the mostly favorable outlook for South American crops continue, with only limited concerns about dryness in southern Brazil and parts of Argentina.
Wheat futures were pressured by increased Australian crop expectations.
Cotton futures tumbled amid technical selling and ideas that the market has finally established a top.
Rice futures fell sharply early in the week before stabilizing and ending just above $14.00.
Outside financial markets were a bearish factor for the grains, as crude oil dropped sharply on demand concerns tied to Omicron as well as OPEC's decision to proceed with planned production increases.
Natural gas futures were also down sharply, pressured by a mild December weather outlook.
In the livestock complex, live cattle futures were also pressured by the concerns over the Omicron variant, before finding support from further cash-market strength.
Feedlots maintained the upper hand in Plains direct cash cattle markets amid good packer demand, with packers paying mostly $140-$142, mostly $142, for live cattle up from $136-$140 last week.
Packer margins have deteriorated significantly in recent weeks, but remain good overall.
Lean hog futures were choppy amid demand concerns tied to Covid and continued volatility in wholesale pork prices.
The fundamental picture remains a split one with weakness in wholesale pork prices keeping pressure on cash hog prices, while expectations for smaller hog supplies in 2022 and seasonally strong demand next spring/summer maintain expectations for a strong rally next spring.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
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