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August 19, 2024
In the News
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.0625 | 3.7050 | 4.7950 |
| Soybeans | -0.5000 | 9.3875 | 13.6275 |
| Wheat | -0.1250 | 5.30 | 6.1325 |
| Cattle | -2.8500 | 178.300 | 178.530 |
| Hogs | +1.100 | 75.075 | 82.125 |
| Cotton | -0.63 | 66.46 | 84.32 |
| Milk | +0.09 | 20.57 | 17.27 |
| Crude Oil | -0.24 | 76.60 | 81.25 |
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Grain and soybean futures were down on the week, with soybeans leading the way lower. A couple of different factors weighed on the soy complex, starting with Monday's USDA Crop Report, which raised both yield and harvested acres for soybeans and projected the 2024-25 carryout up sharply at 565 million bushels. Meanwhile reports that California is moving to cap the amount of soybean oil eligible for credits in renewable diesel cast doubt on soyoil demand potential. Soybeans, soyoil and soymeal all fell to multi-year lows. Corn was pressured by the soybeans, and USDA's Crop Report, while neutral versus expectations, nonetheless affirmed that a big U.S. crop is on the way. Weather this month has been favorable in the Midwest and is expected to remain so into the end of the month. Wheat was pressured by big spring wheat crop expectations and a lack of bullish news elsewhere in the world. Cotton futures tumbled to a new contract low on Friday. Crude oil was pressured by easing concerns about the situation in the Middle East. The stock market rallied, with the Dow climbing back above 40,000 for the first time since Aug. 1.
In the livestock complex, live cattle futures spent the first three days of this week working their way to 9-session highs in choppy trade. Support came from firmer beef prices, expectations for firm Plains cash trade and the recovery in U.S. stock markets. However, futures faltered on Thursday and price volatility returned on Friday as they plunged back near last week's lows under pressure from disappointing cash trade before finding support. Lean hog futures ended a mixed week of trading with modest gains on support from a midweek rebound in cash hog and pork prices and easing economic concerns. However, futures sold off on Friday on prospects for already-ample hog supplies to grow seasonally this fall.
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