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December 9, 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 | +0.0775 | 4.3075 | 5.125 |
| Soybeans | +0.0425 | 9.9375 | 13.04 |
| Wheat | +0.1100 | 5.43 | 6.15 |
| Cattle | -0.60 | 187.375 | 165.45 |
| Hogs | -0.08 | 81.95 | 68.425 |
| Cotton | -1.95 | 71.40 | 81.44 |
| Milk | +0.36 | 18.88 | 16.20 |
| Crude Oil | -0.80 | 67.20 | 71.23 |
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Grain and oilseed futures posted modest weekly gains, supported by solid export demand along with technically-driven buying and short-covering. The corn market posted a bullish outside day higher at mid-week, and is supported by strong ethanol demand as well as exports. Wheat futures rallied after benchmark May Chicago soft red winter wheat made a contract low. A growing recognition of poor wheat crops in Russia, which have the lowest crop ratings for this time of year on record, helped to support the market. Soybeans struggled to follow corn and wheat, as South American weather remains highly favorable and crop estimates are rising. While soybean export demand has been strong recently, the prime window for U.S. exports will close soon, and with the South American crop outlook, buyers are likely to have less urgency. Robust soybean oil demand remains a supportive factor for the soy complex. Cotton futures retreated after failing to take out technical resistance, with pressure from crude oil. The crude market failed to gain traction despite OPEC's decision to extend current production cuts through the first quarter of 2024. The stock market continued to make new record highs, and Bitcoin topped $100,000 for the first time.
In the livestock complex, live cattle futures rallied on support from stronger Plains cash markets during the short Thanksgiving week, but came under pressure from speculative profit taking despite continued cash price strength as packer operating margins sank far into the red, spurring demand concerns along with news Tyson will close a Kansas beef processing plant. Feeder cattle futures stumbled with the live cattle despite continued strong cash feeder cattle prices amid tight supplies. Lean hog futures trade turned very choppy amid mixed fundamentals and technically overbought market conditions. Firm pork demand continues to underpin prices from a fundamental standpoint.
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