|
|
|
|
|
|
September 23, 2024
In the News
Be sure to register and attend National Agri-Marketing Assn's (NAMA's) Fall Conference October 14-16 in Minneapolis, MN. For more information click here. |
| Most Read Items From Prior Issue of |  |
|
|
|
|
|
|
|
 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.1050 | 4.0175 | 4.7725 |
| Soybeans | +0.0575 | 10.1200 | 12.9625 |
| Wheat | -0.2625 | 5.6850 | 5.7950 |
| Cattle | +4.825 | 182.475 | 187.075 |
| Hogs | +3.775 | 82.225 | 81.525 |
| Cotton | +3.23 | 72.71 | 84.04 |
| Milk | +0.12 | 23.33 | 18.41 |
| Crude Oil | +3.27 | 71.92 | 90.03 |
|
Grain and oilseed futures were mixed on the week as traders monitored early U.S. yield reports and South American weather. Corn was on the defensive, with yield reports so far in much of the South and Midwest coming in very strong. While yield expectations for soybeans have also been quite strong, this is more of a question mark due to the extremely dry weather late in the season. That dryness has now engulfed virtually all of the Midwest, although there has been some modest relief over the past week. Meanwhile in South America, dry conditions persist in key growing areas of Brazil in particular, although forecasters continue to call for a more normal rainfall pattern in October. Export demand remains mostly lackluster, and the dryness in the Midwest continues to keep water levels on the Mississippi River low. Wheat was pressured by large supplies in the Black Sea region and rains in some winter wheat areas that will help the crop as planting season starts to pick up. The big financial news of the week was the Fed's decision to cut interest rates by a full half-point, which helped send the stock market to new record highs. Gold also made a new all-time high.
In the livestock complex, live cattle futures charted big gains on technically-driven buying, a strong Plains cash market tone and economic optimism fueled by the Fed's interest rate cut. Seasonal weakness in wholesale beef prices did little to limit futures strength. Friday's Cattle on Feed report came in mostly neutral versus expectations. Lean hog futures worked higher most of the week, supported by firm cash hog markets and technically-driven buying. A modest counter-seasonal dip in hog runs appeared to support cash prices along with relatively stable wholesale pork prices.
Click on the Brock logo or call 1-800-558-3431 for more info on our services. |
|
|
|
|
|
|
|
|
|
|
