|
|
|
|
|
|
October 2, 2023
In the News
Be sure to register and attend the National Association of Farm Broadcasting's (NAFB) annual convention Nov. 15-17 in Kansas City. For more information click here. |
| Most Read Items From Prior Issue of |  |
|
|
|
|
|
|
|
 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.0050 | 4.7675 | 6.6950 |
| Soybeans | -0.2125 | 12.7500 | 14.1075 |
| Wheat | -0.3800 | 5.4150 | 8.9625 |
| Cattle | -3.42 | 187.93 | 147.78 |
| Hogs | -0.40 | 71.78 | 75.73 |
| Cotton | +1.24 | 87.15 | 85.16 |
| Milk | -0.26 | 16.90 | 21.94 |
| Crude Oil | +0.81 | 90.84 | 81.23 |
|
Grain and oilseed futures were mostly lower on the week, pressured by lackluster demand, favorable U.S. harvest weather and a strong U.S. dollar. Harvest pressure is a factor and warm, mostly dry conditions across the Midwest have fed early progress. That warmth and dryness is keeping the Mississippi River system low however, with water levels at Memphis matching last October's record low. This adds to the challenges for exporters who are dealing with strong competition from South America. As planting gets under way, early expectations are for another large Brazilian crop this year, though traders are keeping an eye on intense heat that has already hit parts of the country. Wheat futures fell sharply, particularly on Friday after USDA issued a U.S. crop estimate that was much larger than expected. The estimate for spring wheat in particular exceeded expectations. The USDA also on Friday issued a quarterly Grain Stocks report, which was bullish for corn and a little bearish for soybeans. Cotton futures were underpinned by worries about the crop in Texas and strong crude oil prices. Crude oil has been rising amid tightening supplies.
In the livestock complex, lean hog futures had another volatile week, as the market surged sharply ahead of the quarterly Hogs and Pigs report, only to tumble on Friday after that report came in bearish. That report confirmed further liquidation of the breeding herd, but it pegged summer breeding efficiency well above trade expectations. In the near-term, hog supplies continue to rise seasonally. Live cattle futures were very choppy but ultimately lower on the week, with pressure from technical pressure and concerns about the economy, although Plains cash cattle prices remained firm. Feeder cattle futures extended their recent retreat under pressure from speculative profit-taking and weaker cash feeder prices.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
|
|
|
|
|
|
|
|
|
|
