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December 11, 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 | +0.0075 | 4.8550 | 6.4250 |
| Soybeans | -0.2100 | 13.0400 | 14.8625 |
| Wheat | +0.2900 | 6.3175 | 7.4625 |
| Cattle | -3.40 | 165.72 | 153.93 |
| Hogs | -1.13 | 68.97 | 84.70 |
| Cotton | +2.02 | 81.44 | 80.85 |
| Milk | +0.03 | 16.34 | 19.23 |
| Crude Oil | -2.84 | 71.23 | 71.46 |
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Grain and oilseed futures were mixed on the week as traders tracked South American weather and awaited Friday's USDA Supply and Demand report. That report was largely a non-event, as USDA left its soybean balance sheet completely unchanged and made only a minor upward revision to exports for corn. The report kept in place the outlook for ample corn supplies this marketing year and tighter soybean supplies, although global soybean supplies are not as tight. As for the weather, improved conditions and a forecast calling for more rain in central Brazil hung over the soybean complex. Wheat futures rallied, led by Chicago, which gained on several purchases of U.S. soft red winter wheat by China. Cotton futures rallied despite continued soft export demand. Crude oil was under pressure from sluggish global demand coupled with continued record U.S. production. The monthly jobs report on Friday was better than expected, showing a decline in the unemployment rate. The report fed optimism about a "soft landing" for the U.S. economy while signaling that the Fed is less likely to be lowering interest rates soon.
In the livestock complex, it was another ugly week in the live cattle and feeder cattle markets, with live cattle futures diving to new long-term lows under pressure from large market-ready cattle supplies, continued slow feedlot marketings and technically driven speculative long liquidation. Feeder cattle futures followed the live cattle, charting new contract lows before rebounding on Friday on support from position evening and their discounts to cash. After rallying the prior week, lean hog futures came under renewed pressure from ample hog supplies and seasonally weak cash hog prices. Demand uncertainty due to California Proposition 12 and weak Chinese pork consumption also likely weighed on futures.
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