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October 24, 2022

In the News

Be sure to register and attend the National Assn of Farm Broadcasting's (NAFB) annual convention, Nov. 16-18, Kansas City, MO. For more info click here.





WEEKLY COMMODITY HIGHLIGHTS

Nearby
Futures
Weekly
Change
Friday's
Close
Year
Ago
Corn-0.05506.84255.3225
Soybeans+0.117513.955012.2400
Wheat-0.09008.50757.4125
Cattle+4.65152.43129.55
Hogs+6.8889.1373.20
Cotton-4.0279.13106.14
Milk+0.7121.1219.91
Crude Oil+0.1684.8182.50
Grain and soybean futures were mixed in what was a choppy week for most markets. Harvest pressure remained a factor. Favorable Midwest weather also weighed on prices, along with generally good yield reports for corn and a lack of corn export demand. Soybean export demand has been better, and the soybean market ended the week on a firm note. Soy products were also firm, with soymeal posting its highest close in nearly a month and soyoil futures posting their highest close since mid-June on Friday. Low Mississippi River water levels continue to create logistics challenges and are harming exports and an important time in the season. The extended weather forecast for November showed dry weather continuing across much of the Midwest and the southern Plains, which will exacerbate drought conditions in hard red winter wheat areas. Beyond the U.S., traders are monitoring crop expectations in Brazil, where conditions have been largely favorable, and the situation in Ukraine, where the status of the deal allowing grain exports out of the Black Sea remains a question mark. Cotton futures plunged below the 80-cent market amid pressure from poor exports and a rallying U.S. dollar.

In the livestock complex, live cattle futures rallied throughout the week, with most-active Dec. futures rising all five days on support from stronger-than-expected cash cattle trade, and stronger wholesale beef prices as demand for year-end holiday features appeared to kick in. Strength in hog futures and stronger U.S. stock markets added some support. The live cattle market is now looking very strong from both a fundamental and a technical standpoint. Friday afternoon's USDA Cattle-on-Feed report was closely aligned with expectations. USDA pegged the Oct. 1 feedlot inventory at 99.1% of a year ago, with September placements at 96.2% and September marketings at 94.0%.

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