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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.1350 | 6.0675 | 4.9400 |
| Soybeans | +0.7100 | 14.1025 | 13.5525 |
| Wheat | -0.1225 | 7.5850 | 6.4225 |
| Cattle | -2.37 | 137.33 | 114.98 |
| Hogs | -1.82 | 79.65 | 69.13 |
| Cotton | +2.52 | 115.12 | 79.76 |
| Milk | +0.92 | 21.64 | 19.46 |
| Crude Oil | +3.63 | 78.84 | 50.83 |
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Soybean futures were the big mover, rocketing higher on South American weather concerns, including dryness in Argentina and southern Brazil, along with excessive rains in some other areas of Brazil.
The market also had support from some regular export demand, although this has been a weather market, and concerns persist about U.S.
soybean exports.
November soybeans made a new contract high.
Gains in corn were more subdued, but the market was firm, with support from soybeans and from the South American weather concerns.
Wheat futures were also lower, making two-to three-month lows in all classes, though the market ended the week on a strong note.
Cotton futures surged, with the December contract rallying to a fresh contract high.
Traders in the grains complex await Wednesday's USDA reports.
While the trade is not expecting any major changes to the balance sheets from USDA, with quarterly Grain Stocks and final crop production estimates included in Wednesday's data releases, there is plenty of opportunity for surprise.
Other wildcards for the grains complex and commodities generally include expectations that the Fed is soon to hike interest rates, and Covid's impact on the economy.
In the livestock comments, lean hogs were very volatile, with the market tugged in opposite directions by tight supplies as shown in the recent Hogs and Pigs report, and by futures' premium to cash.
Hogs ended the week on a down note, with nearby February posted its lowest close in three weeks and summer-month contracts posting bearish key reversals off of contract highs.
Live cattle futures retreated amid pressure from soft packer demand in cash markets and technically-driven selling.
The downside was limited by strengthening wholesale beef prices, however, and futures stabilized late in the week.
Packing plants are struggling to get back to full speed again following the holidays amid the rapid spread of Omicron.
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