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November 4, 2024
In the News
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.0075 | 4.1450 | 4.7725 |
| Soybeans | -0.0525 | 9.8250 | 13.2750 |
| Wheat | -0.0100 | 5.6800 | 5.7250 |
| Cattle | -3.2250 | 185.925 | 183.875 |
| Hogs | +4.400 | 84.075 | 71.75 |
| Cotton | -0.49 | 70.17 | 79.62 |
| Milk | +0.21 | 20.25 | 17.33 |
| Crude Oil | -2.29 | 69.49 | 80.51 |
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Grain and oilseed futures were slightly lower on the week in most contracts, with pressure from improved South American weather and a favorable outlook. Key areas of Brazil have seen ample rains recently, and the forecast calls for that to continue, easing concerns that had emerged in September about dryness. Despite the recent rains, soybean planting in Brazil is still ahead of the recent average pace. The downside for corn and soybeans was limited by continued strong export demand, with USDA reporting more flash sales for corn and soy. Wheat was pressured by rains in the central and southern Plains, which will partially ease concerns about drought and its impact on hard red winter wheat. The weather pattern across the Corn Belt is also turning wetter, which will delay the tail end of harvest in some locations. Cotton futures were pressured by technical selling and weaker crude, but on the positive side export demand has started to pick up. The crude market was on the defensive from the start of the week after Israeli attacks on Iran did not target the country's crude oil production.
Commodity traders and investors will be watching and waiting election results this week, with some traders seeing a potential impact on soybean exports in particular. In the livestock complex, lean hog futures continued to march higher as cash hog and wholesale pork prices showed further counter-seasonal strength amid strong demand. Technically-driven fund buying also continued to boost futures. Nearby Dec. lean hogs accelerated strongly higher on support from their discount to a rising CME cash lean hog index. The cash index jumped $2.73 on the week to a 9-week high of $87.93. Live cattle futures came under pressure from technically-driven speculative profit taking and weaker wholesale beef prices, but losses were limited by steady trade in Plains cash cattle markets.
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