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November 26, 2024
In the News
Happy Thanksgiving to all! 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 | +0.0150 | 4.2525 | 4.6325 |
| Soybeans | -0.1500 | 9.8350 | 13.3075 |
| Wheat | +0.0775 | 5.4425 | 5.4875 |
| Cattle | +3.83 | 186.78 | 170.25 |
| Hogs | +2.175 | 81.675 | 67.575 |
| Cotton | +4.85 | 71.65 | 80.39 |
| Milk | -0.05 | 19.87 | 17.13 |
| Crude Oil | +4.22 | 71.24 | 75.54 |
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Grain and oilseed futures were mixed on the week, with soybeans slipping amid pressure from tumbling soybean oil prices and continued favorable South American weather. Both Argentina and Brazil are seeing a good mix of rain and sunshine in most key growing areas, and while U.S. export demand has been solid recently and up from a year ago, the main U.S. export window will close soon and soybean export sales are still lagging the seasonal pace needed to meet USDA's marketing year export forecast. Wheat futures were firm, underpinned for most of the week by the Ukraine-Russia war, which involved new missile attacks by both sides. Cotton futures were firm, driven by strong export demand and short-covering. A soaring U.S. dollar, which made a two-year high on Friday as the euro made a two-year low, was a headwind for commodities throughout the week, as currencies around the world are pressured by expectations of a more adversarial U.S. trade policy. However, President Trump's picks for Treasury Secretary and USDA Secretary, announced Friday and Saturday, may serve to ease concerns about new tariffs and a trade war.
In energy markets, crude oil rallied, and natural gas futures soared on cold U.S. weather, tensions in Europe and hopes for a resumption of U.S. natural gas exports under President Trump. In the livestock complex, live cattle futures rallied as trade awaited Friday's Cattle on Feed report. That report largely came in neutral versus expectations. Placements at 105.0% of a year ago were above the average analyst estimate of 103.8%, but feedlot inventories were right at 100.0% of a year ago, while analysts were on average expecting 99.9%. Marketings at 105.0% of a year ago compared to 105.2% that was on average expected. Lean hog futures fell to multi-week lows on Tuesday but spent the rest of the week climbing.
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