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September 9, 2024
In the News
The next issue of Agri Marketing magazine will include an update on Farm Broadcasting. To schedule your ad, contact Audrey Evans at AudreyE@AgriMarketing.com.
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.0600 | 3.8400 | 4.6900 |
| Soybeans | +0.0700 | 9.8900 | 13.500 |
| Wheat | +0.2000 | 5.5300 | 5.6700 |
| Cattle | -3.4250 | 175.175 | 183.225 |
| Hogs | -2.7500 | 79.500 | 81.525 |
| Cotton | -2.67 | 67.12 | 84.41 |
| Milk | +0.37 | 22.78 | 18.48 |
| Crude Oil | -5.88 | 67.67 | 87.51 |
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Grain and oilseed futures were higher in a holiday-shortened week, rising on short-covering and ideas the market has made a bottom. Various contracts made new multi-week highs before pulling back on Friday as profit-taking set in ahead of the weekend. There wasn't much fresh bullish fundamental news, but the complex did have some support from worries about the dryness in the Midwest and how it could have a late impact on soybeans in particular. While virtually none of the Corn Belt is experiencing severe drought, dryness has expanded significantly in the past couple of weeks from Ohio to Iowa. Still, crop expectations are strong for corn and soybeans overall, and any reduction in the U.S. could quickly be overshadowed by expectations for another huge Brazilian crop. Cotton futures fell, dropping below 70 cents in the December contract on lackluster demand and pressure from outside markets including sharply lower crude oil prices and weaker equities. The drop in crude oil comes amid concerns about the economy, particularly in China.
In the livestock complex, live cattle futures were pressured by demand concerns and lower-than-expected Plains cash trade. Soft economic news and U.S. stock market weaknesses helped spur renewed fund selling. Feeder cattle futures were hit harder than live cattle as both cash market weakness and corn futures strength weighed on prices. On the positive side, supplies of cattle in U.S. feedlots should continue to tighten seasonally this month and seasonal increases in feedlot placements this fall should be limited by tight U.S. feeder cattle supplies. There may continue to be significant anxiety about beef demand, though, amid indications U.S. economic growth is slowing and political uncertainty ahead of the U.S. election. Lean hog futures slipped amid weakness in wholesale pork prices and expectation for seasonal increases in hog slaughter.
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