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December 4, 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. |
| Most Read Items From Prior Issue of |  |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.0225 | 4.8475 | 6.6050 |
| Soybeans | -0.0575 | 13.2500 | 14.2975 |
| Wheat | +0.2550 | 6.0275 | 7.8300 |
| Cattle | -1.85 | 169.13 | 155.43 |
| Hogs | +1.32 | 70.10 | 89.20 |
| Cotton | -1.57 | 79.42 | 84.85 |
| Milk | -0.21 | 16.14 | 20.20 |
| Crude Oil | -1.21 | 74.33 | 81.22 |
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Grain and oilseed futures were mixed in a volatile week that saw new contract lows in both corn and wheat. Both of these markets bounced back though, particularly wheat, which posted a bullish weekly reversal off of the contract lows. Soybean futures continued to struggle however, with most-active January soybeans on Friday posting their lowest close in a month. Improving weather in South America was a negative factor, although conditions are still not ideal and there is concern about yield potential already lost in Brazil. In addition, despite improved rains recently Brazil is still not seeing a "monsoon" pattern typical for this time of year. Large domestic supplies hang over the corn and wheat markets. Wheat's gains may have been driven in part by a large purchase by China of U.S. wheat, which was confirmed Monday. Cotton futures were pressured by lackluster demand and by a falling crude oil market. Crude is pressured by global economic concerns, record U.S. output and announced production cuts by OPEC that left traders unimpressed. U.S. economic data continues to be largely positive.
In the livestock complex, lean hog futures finished the week strong amid month-end short-covering and favorable U.S. economic news. The hog market fundamental picture is unclear with record high breeding efficiency offsetting the impact of sow herd liquidation and California Proposition 12, which takes full effect on Jan. 1, creating demand uncertainty. Live cattle futures were weak at the start and the end of the week, pressured by continued soft Plains cash cattle trade. Cash prices were down $1 to $2 and weekly sales totals in the Plains were below a year earlier despite large front-end cattle supplies. The long-term outlook still favors shrinking U.S. cattle supplies however.
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