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November 13, 2023
In the News
Entries for Agri Marketing's 2023 Product and NEW Product of the Year are now open. For more information click here. |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.1325 | 4.6400 | 6.5325 |
| Soybeans | -0.0425 | 13.4750 | 14.3050 |
| Wheat | +0.0275 | 5.7525 | 8.0350 |
| Cattle | -9.70 | 174.18 | 153.08 |
| Hogs | +0.15 | 71.90 | 84.88 |
| Cotton | -2.30 | 77.32 | 86.38 |
| Milk | -0.32 | 16.95 | 21.53 |
| Crude Oil | -3.36 | 77.15 | 86.47 |
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Grain and oilseed futures were mostly lower on the week, with corn falling to new contract lows amid technical selling and an upward revision to USDA's yield estimate. USDA on Thursday raised its corn yield estimate by 1.9 bushels per acre to 174.9, with increases across most key Corn Belt states except for Nebraska. The production increase was only partially offset by increased demand, and the carryout is still expected above 2 billion bushels. USDA also raised its soybean yield estimate, but more modestly. The trade is now focused on heat and dryness across most of Brazil's key growing areas. That pattern is expected to persist through this week, adding more stress. While it is still relatively early in the season, yield potential there is declining, and there are also reports of replanting soybeans, which will affect both soybeans and second-crop corn. Wheat futures were pressured by corn, but the downside was limited by renewed concerns over exports out of the Black Sea region. Cotton futures remained under pressure despite a second straight week of strong weekly export sales.
In the livestock complex, it was ugly week in the live cattle and feeder cattle markets. Growing concerns about a back-up of market-ready cattle supplies combined with counterseasonal weakness in wholesale beef prices sent futures prices into fund sell stops, triggering active long liquidation, with hedge selling adding to the pressure on prices. Hawkish comments about interest rates by Fed chairman Jerome Powell added pressure on the market. Plains cash cattle prices were down by $5 in the central and southern Plains from the prior week. Feeder cattle futures followed live cattle lower. Lean hog futures started the week strongly, with most contracts pushing to five-week-plus highs. The futures rally ran out of gas on Tuesday, but futures stabilized late in the week.
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