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December 2, 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. |
| Most Read Items From Prior Issue of |  |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.0250 | 4.2300 | 4.6450 |
| Soybeans | +0.0600 | 9.8950 | 13.25 |
| Wheat | -0.1200 | 5.3225 | 5.77 |
| Cattle | +1.200 | 187.975 | 169.275 |
| Hogs | +0.400 | 82.075 | 68.60 |
| Cotton | +1.70 | 73.35 | 78.42 |
| Milk | -0.01 | 19.86 | 16.12 |
| Crude Oil | -3.24 | 68.00 | 74.07 |
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Grain and oilseed futures were mixed in a holiday-shortened week. Soybeans had underlying support from continued strong export demand. Along with soybean exports, soybean oil exports are very strong, with sales commitments for 2024-25 already surpassing USDA's forecast for the entire marketing year. The upside in corn and soybeans is limited by South American weather, which was very favorable in November and looks to stay that way through at least the first 10 days of December. Wheat was pressured by the significant improvement in the hard red winter crop outlook in the U.S. Plains. Cotton futures rallied amid technical buying and robust weekly export sales. Crude oil retreated with pressure from a ceasefire between Israel and Lebanon. Commodity traders and investors tried to digest new tariff threats from President-Elect Trump, who on Monday night said he would slap 25% tariffs on all products from Mexico and Canada, and an additional 10% on Chinese imports, unless the countries end illegal immigration and the flow of fentanyl into the U.S. Although all three are key ag trading partners for the U.S., the impact on the grain and oilseeds markets was fleeting, as many traders saw the threat as a negotiating tactic.
In the livestock complex, lean hog futures set new contract highs and posted a weekly gain, but ended well off the week's high. Cash hog values continue to slip seasonally amid large supplies. Live cattle futures were firm, underpinned by strong Plains cash trade, which was up $3 to $4 from most of the prior week's trade. The soaring stock market, which made fresh all-time highs, was also supportive. Feeder cattle futures made fresh contract highs amid technical buying and a case of New World screwworm in Mexico, which resulted in the U.S. halting cattle imports from the country.
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