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September 18, 2023
In the News
The next issue of Agri Marketing magazine will include a Farm Broadcasting Update. To schedule your ad, contact Audrey Evans at AudreyE@AgriMarketing.com.
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.0750 | 4.7625 | 6.7750 |
| Soybeans | -0.2275 | 13.4025 | 14.5150 |
| Wheat | +0.0850 | 6.0425 | 8.4500 |
| Cattle | +3.70 | 186.93 | 145.62 |
| Hogs | +1.60 | 83.13 | 96.05 |
| Cotton | +0.53 | 86.44 | 103.29 |
| Milk | -0.88 | 18.13 | 21.38 |
| Crude Oil | +3.46 | 90.97 | 85.10 |
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Corn and soybean futures were down on the week, pressured by the start of harvest and lackluster demand. Tuesday's monthly USDA report cut this year's estimated U.S. corn yield, but the reduction was not as much as expected and meanwhile USDA hiked its acreage estimate. For corn and soybeans, the bottom line from the report was that corn supplies are likely to remain comfortable through this marketing year, while soybean supplies are going to be relatively tight. USDA made no changes to the domestic wheat balance sheet, but it did slash the projected global carryout. For cotton, USDA actually raised its yield estimate, but that was more than offset by a dramatic cut in estimated acres. Meanwhile USDA made a large upward revision to domestic rice ending stocks. Expectations for a large South American crop hang over the grain and oilseed complex, as does large Russian wheat supplies, and improved rains in the southern U.S. Plains, which will boost winter wheat planting. Crude oil prices surged above $90, driven by recent production cuts by OPEC.
In the livestock complex, live cattle futures spent most of the week stampeding higher with the exception of Wednesday, when they were hit by a wave of speculative profit taking. Futures pushed to new contract highs as a strong cash market tone, technically-driven buying and the overall outlook for U.S. cattle/beef supplies to continue tightening through as least 2024 provided strong support for prices. Feeder catttle futures ran higher with live cattle as the outlook for ample U.S. corn supplies in 2023/24 also provided price support. Lean hog futures had an up-and-down week, rising into midweek on technically-driven short-covering and a bounce in cash hog and wholesale pork prices as low slaughter weights limited production. Poor weekly pork export sales and expectations of cash-market weakness were negative factors.
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