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October 9, 2023
In the News
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.1525 | 4.9200 | 6.7550 |
| Soybeans | -0.0900 | 12.6600 | 13.5800 |
| Wheat | +0.2675 | 5.6825 | 8.7900 |
| Cattle | -1.25 | 186.68 | 147.88 |
| Hogs | +1.80 | 73.58 | 77.78 |
| Cotton | -0.01 | 87.14 | 82.90 |
| Milk | +0.20 | 17.37 | 21.94 |
| Crude Oil | -7.94 | 82.85 | 88.45 |
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Grain and oilseed futures were mixed, with favorable harvest weather and a lack of bullish demand news hanging over prices. Corn was still up on the week though, posting its highest weekly close in seven weeks. Recent rains in the Midwest have not been enough to significantly disrupt harvest activity, nor has it been enough to really boost low water levels on the Mississippi, an issue that is affecting barge movement. Generally favorable South American weather is another negative market factor for corn and soybeans. Soybean demand should get a boost as China returns from a week-long holiday. Wheat futures rallied amid technically driven short-covering, and uneasiness over Black Sea exports, as Ukraine is making more use of its "humanitarian corridor" while rumors swirl about Russia sabotaging that corridor and targeting Ukraine shipments. Cotton futures had underlying support from increased export sales and held up pretty well considering recent losses in the stock market, a strong U.S. dollar and plummeting crude oil prices. Crude prices tumbled on OPEC commitments to extend production cuts through the end of the year and a significant drop in gasoline demand. However further weakness in crude could be limited by the eruption of war in Israel over the weekend.
In the livestock complex, lean hog futures came under further pressure to start the week from last week's USDA Hogs and Pigs report, but turned things around at midweek. Futures' discounts to cash, a jump in weekly export sales, continued low hog weights and Friday's strong U.S. employment report all appeared to spur buying along with technical strength. Live cattle futures came under further pressure this from speculative profit taking and poor packer margins. But losses were limited by the general trend of shrinking U.S. cattle supplies, with late-week support also coming from a rebound in wholesale beef prices.
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