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October 28, 2024

In the News

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WEEKLY COMMODITY HIGHLIGHTS

Nearby
Futures
Weekly
Change
Friday's
Close
Year
Ago
Corn+0.10504.15254.8075
Soybeans+0.17759.877512.9725
Wheat-0.03755.69005.7550
Cattle+2.075189.70184.00
Hogs+1.85079.67570.475
Cotton-0.3370.6684.38
Milk-0.0322.7316.85
Crude Oil+2.5671.7885.54
Corn and soybean futures were higher on the week, bolstered by revived export demand. That strong demand has been especially pronounced in corn, and USDA has reported fresh "flash" sales of at least 100,000 metric tons every day since Oct. 16. But soybean demand has also been strong. Meanwhile harvest pressure is easing up with corn and soybean growers rapidly approaching the finish line thanks to a prolonged stretch of warm, dry weather. On the negative side, conditions across South America are mostly favorable for crops and so is the forecast. Wheat futures struggled despite the strength in corn and soybeans, pressured by lackluster demand and some rain in parts of the central and southern Plains. Cotton futures were down slightly on harvest pressure and lackluster demand. Most milk contracts were down sharply, with apparent pressure from a monthly report showing increased U.S. production. Crude oil was up on the week, although easing concerns about attacks on Iran oil infrastructure by Israel were a negative factor. Gold futures made a new record high, driven in part by unease about the coming U.S. presidential election.

In the livestock complex, live cattle futures held firm on continued support from strong Plains cash markets, strength in wholesale beef prices, improved packer operating margins and favorable economic sentiment. There were indications, though, that the beef market rally may be stalling out. Position evening ahead of Friday afternoon's monthly Cattle-on-Feed report kept price action choppy. That report ended up neutral to slightly negative for prices. Lean hog futures continued to grind higher on further support from stronger-than-expected cash hog and wholesale pork prices. Strong overall pork demand and a lighter weekly hog slaughter helped boost the cash market. Futures stumbled on Thursday in response to a disappointing weekly pork export sales total but rebounded on Friday.

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