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November 11, 2024
In the News
Agri Marketing salutes those who have served in the military. We look forward to seeing you at the Nat'l Assn of Farm Broadcasting's (NAFB) annual convention. For more information click here.
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | +0.1650 | 4.3100 | 4.6400 |
| Soybeans | +0.3425 | 10.1675 | 13.3350 |
| Wheat | +0.0450 | 5.7250 | 5.7525 |
| Cattle | -2.250 | 183.70 | 174.175 |
| Hogs | -3.65 | 80.425 | 71.90 |
| Cotton | +0.81 | 70.98 | 77.32 |
| Milk | -0.22 | 20.03 | 17.08 |
| Crude Oil | +0.89 | 70.38 | 77.17 |
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Grain and soybean futures rallied, led by continued strong export demand. USDA continues to report regular export sales, particularly for corn. Surprisingly, USDA left its corn export forecast unchanged in Friday's Supply and Demand report, but the report was nonetheless friendly for corn and more so for soybeans, as the agency cut U.S. crop estimates. The soybean cut validated concerns about the impact of heat and dryness in the Midwest late in the growing season. There are no such concerns right now in South America however, which helped to limit the upside in corn and soybeans. Wheat's upside was limited by widespread rains that soaked the central and southern Plains, putting the hard red winter wheat crop there in a better place ahead of dormancy. Cotton futures were firm with help from another week of solid export sales, including some to China. The backdrop for this week's price action was the presidential election, and the decisive win by former President Trump and Republicans prevented any concerns about election "chaos" from materializing. The stock market rallied, the U.S. dollar surged, and gold prices plummeted.
In the livestock complex, live cattle futures started out the week lower under pressure from speculative profit taking and signs of seasonal cash market weakness. Futures received a fresh shot of strength from the Trump election victory and sharp stock market gains, but then came under renewed pressure on Friday from seasonal beef price weakness. Feeder cattle futures were pressured by live cattle market weakness and corn price strength. Lean hog futures had a mixed week as the nearby contract sold off on signs of weakening demand, while the April and more deferred months recovered from an early-week setback to post new highs. Optimism over the economy and longer-term pork demand prospects gave new life to the deferred futures rally.
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