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January 15, 2024
In the News
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| Most Read Items From Prior Issue of |  |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.1375 | 4.4700 | 6.7100 |
| Soybeans | -0.3200 | 12.2425 | 15.1850 |
| Wheat | -0.2000 | 5.9600 | 7.4275 |
| Cattle | +0.79 | 171.38 | 157.55 |
| Hogs | +1.90 | 71.90 | 78.75 |
| Cotton | +1.12 | 81.31 | 82.04 |
| Milk | +0.42 | 15.95 | 18.78 |
| Crude Oil | -0.93 | 72.93 | 78.65 |
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Grain and oilseed futures were lower on the week, with most of the damage done on Friday's fresh pile of data from USDA, including quarterly grain stocks and the final crop estimates for 2023. The reports were bearish for corn and soybeans in particular. For corn, Dec. 1 stocks were larger than expected and USDA surprisingly hiked the 2023 yield to 177.3 bushels per acre. The reports sent corn plunging to new contract lows and a three-year low on a front-month basis. USDA also raised the 2023 U.S. yield for soybeans, and its cut to the Brazil crop estimate was disappointing to bulls, with the bottom line being that although U.S. soybean supplies are relatively tight, world supplies are not, with Brazil poised to remain a force in export markets. The USDA reports for wheat were a mixed bag, with USDA notably cutting its winter wheat seedings estimates, and particularly hard red winter wheat. The arrival of harsh winter weather in the Midwest could hinder grain transportation in the near-term, but otherwise is not much of a factor for the grains as any wheat winterkill threat will be limited.
Live cattle futures futures opened the week strongly, with the nearby February and April contracts surging to 6-week highs on support from weather concerns and firm Plains cash trade. However, February and April wound up posting bearish reversals and spent the rest of the week consolidating with concerns about large market-ready cattle supplies likely limiting gains. Plains cash cattle trade was very slow to develop with winter weather disrupting market activities and cattle slaughter. Lean hog futures continued to rise on support from firmer cash hog/wholesale pork prices and prospects for winter weather to negatively impact hog performance. Nearby February lean hog futures reached an eight-week high on Tuesday.
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