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December 18, 2023

In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby
Futures
Weekly
Change
Friday's
Close
Year
Ago
Corn-0.02504.83006.5350
Soybeans+0.085013.315014.7675
Wheat-0.02506.29257.5725
Cattle+3.63169.35154.85
Hogs+2.9371.9081.65
Cotton-1.5179.9381.03
Milk-0.4415.9019.64
Crude Oil+0.3171.7576.11
Grain and oilseed futures have been awfully quiet recently, and were mixed this past week. Generally favorable weather in South America, including improved Brazil rains, hang over the complex. But this is being offset by solid demand, including eight straight days of fresh "flash" soybean export sales, decent ethanol production, and a strong soybean crush. The monthly NOPA crush report for November beat expectations and was the second-highest crush for any month, as demand for renewable diesel continues to climb. The corn market lacks direction: most-active March futures traded a range of just 10 1/2 cents on the week, and its Friday closes over the past five weeks have been within a tiny three-cent range. The wheat market has been more eventful, as Kansas City hard red winter wheat is pressured by rains in the southern Plains while Chicago soft red winter wheat is bolstered by a recent buying spree by China.

Outside financial markets were lively following the Fed's monthly policy outlook, which indicated a shift away from rate hikes and toward rate cuts. The Fed's outlook for three rate cuts next year helped send the Dow Jones Industrial Average to a new all-time high, with the S&P 500 on the verge of a new high as well. This bullishness helped the livestock complex, and live cattle futures posted weekly gains after three straight weeks of declines, with improving beef packer margins adding some support. Gains were limited by weaker Plains cash cattle markets and disappointing wholesale beef market performance. Lean hog futures spent the first three days of the week grinding lower, but after nearing the contract lows they set in November, prices rebounded strongly on Thursday and Friday. But there is still no confirmation of a cash market bottom, as supplies remain adequate to meet demand.

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