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November 28, 2022
In the News
2023 Agri Marketing Services Guide update forms have been distributed. If you haven't received your copy, please contact Audrey Evans: AudreyE@AgriMarketing.com
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.0125 | 6.7125 | 5.8550 |
| Soybeans | +0.0800 | 14.3625 | 12.6650 |
| Wheat | -0.2500 | 7.9700 | 8.5025 |
| Cattle | -0.73 | 155.12 | 140.88 |
| Hogs | -1.05 | 88.50 | 84.25 |
| Cotton | -3.60 | 80.18 | 115.78 |
| Milk | -1.16 | 20.31 | 18.32 |
| Crude Oil | -3.83 | 76.28 | 78.39 |
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Grain and oilseed futures were mixed in another choppy week for markets, amid low-volume holiday trade.
Soybean futures were underpinned by emerging dryness in Brazil as well as drought in Argentina, which has slowed planting there.
Supplies are relatively tight for corn and soybeans.
But the low water levels on the Mississippi River, along with expectations of a huge Brazilian crop and concern about China's Covid situation, hang over the market.
Rising Covid cases and deaths in China have prompted the government to tighten its lockdowns, which is negative for commodity demand.
However, the lockdowns are now sparking protests across the country.
Wheat futures sold off, with Chicago making a new contract low in the March contract on Friday with pressure from eased concerns about Black Sea supplies.
Cotton futures were down sharply, pressured by poor demand including weekly net export cancellations.
Cotton was also pressured by crude oil, which fell amid soft U.S.
driving demand and the concerns about China's economy.
Rice futures on the other hand made a new contract high in the January, bolstered by strong weekly export sales.
In the livestock complex, live cattle futures were lower, sinking on Wednesday and posting a bearish outside day lower despite strong Plains cash trade.
There was modest follow-through selling on Friday.
Plains cash cattle prices were up anywhere from $1 to $4 on the week, but futures fell anyway, feeding ideas that the market is making a top.
Beef packer margins fell into the red amid the surge in cash prices.
Indications that liquidation of the U.S.
cattle herd continues is likely to remain supportive for back-end live cattle futures.
Lean hog futures were also lower, and ended the week poorly.
China's Covid problems are a threat to U.S.
pork and beef exports.
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