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November 18, 2024
In the News
Entries for Agri Marketing's 2024 Product and NEW Product of the Year are now open. For more information, click here. |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.0700 | 4.2400 | 4.6700 |
| Soybeans | -0.3175 | 9.9850 | 13.4025 |
| Wheat | -0.3600 | 5.3650 | 5.5075 |
| Cattle | -0.7500 | 182.950 | 175.75 |
| Hogs | -0.8750 | 79.500 | 70.975 |
| Cotton | -4.18 | 66.80 | 78.92 |
| Milk | -0.11 | 19.92 | 17.13 |
| Crude Oil | -3.36 | 67.02 | 75.89 |
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Grain and oilseed futures spent most of the week on the defensive before rebounding modestly on Friday. Favorable South American conditions and a mostly benign forecast hang over corn and soybeans, and a continued surge in the U.S. dollar, which has been rallying since election day, is another negative for the complex. Meanwhile there is a lot of uncertainty for corn and soybeans right now, particularly about government policy on trade and biofuels following the election. News that the Trump administration plans to end a $7,500 electric vehicle tax credit could be favorable for biofuels, and soybean oil prices rallied on news that China was reining in incentives for used cooking oil exports. But questions about the nominee to lead the EPA, who has opposed the Renewable Fuel Standard, adds to concerns about federal support for biofuels going forward. Export demand for corn and soybeans remains strong, and on Friday NOPA reported a record-large monthly soybean crush. Crude oil futures retreated in part on hopes of a ceasefire in the Middle East. But geopolitical risks remain high, and are rising in Ukraine, something wheat traders are watching closely.
In the livestock complex, live cattle continued to trend lower as Plains cash cattle markets eased for a third straight week, wholesale beef prices retreated further and packer operating margins stayed in the red. Lackluster beef export sales were also a negative market factor. Feeder cattle futures were underpinned much of the week by falling corn prices, and surged on Friday. Lean hog futures started out the week grinding higher again as they had for nearly three months, but things changed at midweek as weakness in wholesale pork prices and U.S. pork export sales combined with technically-overbought market conditions helped spur active profit taking on a big speculative long position.
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