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December 27, 2023
In the News
Forms to update your firm's listing in the 2024 Marketing Services Guide have been distributed. Please complete ASAP! To schedule your ad, contact Audrey Evans at AudreyE@AgriMarketing.com. Happy New Year to everyone!
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Leading in Uncertain Times – NAMA’s Next Webinar
June 19 is the date for our next webinar. Information and registration are available
here.
New to Marketing or New to Ag?
Then you need to join us for NAMA Boot Camp, August 6-8 in Kansas City. Details and registration information
here. |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.0750 | 4.8025 | 6.7475 |
| Soybeans | -0.0350 | 13.1900 | 14.8900 |
| Wheat | +0.1350 | 6.3625 | 7.7450 |
| Cattle | +1.62 | 170.40 | 157.88 |
| Hogs | -1.25 | 69.30 | 91.47 |
| Cotton | +0.59 | 80.05 | 84.24 |
| Milk | -0.08 | 15.54 | 19.83 |
| Crude Oil | +1.63 | 75.57 | 79.53 |
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Grain and soybean futures have chopped around without much direction over the past week, although both corn and soybeans did slip to new multi-month lows, including contract lows in corn. Generally favorable South American weather forecasts have been a negative factor for the grains. U.S. corn supplies are ample. Cash corn movement should pick up after Jan. 1, putting further pressure on prices, although good demand should limit the downside. As we move into January, second-crop corn planting in Brazil could become more of an concern and speculation about 2024 U.S. corn and soybean acreage should start to rise as we get into February ahead of USDA's annual outlook conference. For soybeans, domestic supplies are tighter, but global supplies are more comfortable. Early yields in the key Brazilian state of Mato Grosso have been poor, however. Wheat futures have been underpinned by concerns about an escalation in the war between Ukraine and Russia, and hostilities in the Red Sea that are feeding concerns about a broader conflict in the Middle East. Wheat's upside is limited by recent rains in hard red winter wheat areas of the southern Plains.
The commodity complex generally is getting support from a plummeting U.S. dollar, which has fallen to a five-month low amid rising expectations of Fed interest rate cuts in the new year. Crude oil made a new four-week high the day after Christmas. In the livestock complex, the quarterly Hogs and Pigs report showed the Dec. 1 sow herd below trade expectations, but the 1 market hog inventory was larger than expected. Ample current supplies and breeding efficiency gains weighed on lean hog futures. USDA's monthly Cattle on Feed report put the Dec. 1 feedlot inventory at 102.7% of year earlier, at the high end of trade expectations and indicated Dec. 1 market-ready cattle supplies were more than 7% larger than a year earlier.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
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