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October 21, 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 | -0.1100 | 4.0475 | 4.9550 |
| Soybeans | -0.3550 | 9.70 | 13.0225 |
| Wheat | -0.2625 | 5.7275 | 5.8600 |
| Cattle | -0.9750 | 187.625 | 184.275 |
| Hogs | +0.1750 | 77.825 | 66.00 |
| Cotton | -1.22 | 70.99 | 82.40 |
| Milk | +0.23 | 22.76 | 16.88 |
| Crude Oil | -6.34 | 69.22 | 88.75 |
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Grain and oilseed futures were lower, with plummeting wheat prices weighing on the complex along with harvest pressure and favorable South American weather forecasts for corn and soybeans. A lack of demand for wheat and eased concern about supplies in the Black Sea region helped weigh on prices. Rain in the southern Plains was also a negative factor, although dryness remains a concern for hard red winter wheat. Meanwhile the weather pattern in Brazil has shifted from dryness to one of regular rains, reinforcing expectations of another large soybean crop there. One positive development for the markets is that low prices appear to be stimulating demand, particularly for corn. During the last three days of the week USDA announced 2.378 MMT (93.6 million bushels) in fresh U.S. export sales through its daily reporting system, of which 70.8 million bushels were for 2024-25 delivery. Cotton futures were lower amid harvest pressure and poor demand. Tumbling crude oil prices were another negative factor for cotton. Pressure on crude came from reports that Israel has decided not to attack Iranian oil facilities and from continued worries about China's economy and demand.
In the livestock complex, the recent steep rally in live cattle futures stalled out early in the week, but futures were still underpinned by strong gains in wholesale beef prices and another week of strong cash cattle prices, ending the week with only marginal losses. Feeder cattle futures had a choppy week but finished on a strong note on support from live cattle trade and rising cash feeder markets. Lean hog futures stumbled early but recovered strongly to post modest gains for the week. Early-week pressure from technically-driven speculative long liquidation faded in the face of firmer-than-expected cash hog prices and rising wholesale pork prices. Another solid weekly U.S. pork export sales contributed to optimism about demand.
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