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September 25, 2023
In the News
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.0100 | 4.7725 | 6.8825 |
| Soybeans | -0.4400 | 12.9625 | 14.5700 |
| Wheat | -0.2475 | 5.7950 | 9.1075 |
| Cattle | -0.47 | 191.35 | 149.35 |
| Hogs | -2.93 | 72.18 | 85.68 |
| Cotton | -0.53 | 85.91 | 96.54 |
| Milk | -0.95 | 17.15 | 21.46 |
| Crude Oil | +0.26 | 90.28 | 83.49 |
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Grain and oilseed futures were mostly lower, amid pressure from the U.S. harvest, poor export demand and a strong U.S. dollar. Soybean futures showed the most weakness, as export sales are running well behind the pace needed to meet USDA's projection for the 2023-24 marketing year. Large Brazilian supplies and early expectations for another large crop are adding to the pressure. Export demand for corn, wheat and cotton is also soft. There is still uncertainty, however, about yields for this year's U.S. crop. Thus far, corn and soybean yields in the eastern Midwest have been very strong, while yields in the west have been disappointing, or at least much more variable. For winter wheat, recent rains in the Plains have boosted planting expectations. Large Russian supplies hang over global prices. Dryness in some key growing-areas of Australia is a potentially supportive market factor. Crude oil futures surged to a new 10-month high early in the week before retreating, and managed to hold above the $90 level.
In the livestock complex, live cattle futures trade turned erratic futures changed direction four of five sessions. Overbought market conditions and position evening ahead of Friday's Cattle-on-Feed report spurred speculative long liquidation along with Fed interest rate policy and weakening packer margins. However, a firm cash market tone continued to underpin futures amid tightening cattle supplies. There were no surprises in the Cattle on Feed report. Meanwhile lean hog futures were highly volatile, surging to multi-month highs on Wednesday on support from firming cash markets, only to fall of a cliff on Thursday and Friday as wholesale pork prices deteriorated. Prospects for the Fed to keep interest rates higher for longer than was previously expected may also have spurred demand concerns. In the end, all futures contracts posted huge weekly bearish reversals.
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