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December 16, 2024
In the News
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| Most Read Items From Prior Issue of |  |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.0075 | 4.3000 | 4.8300 |
| Soybeans | -0.0550 | 9.8825 | 13.1575 |
| Wheat | -0.1600 | 5.2650 | 6.2925 |
| Cattle | +6.2500 | 193.65 | 168.223 |
| Hogs | +0.4250 | 83.725 | 71.90 |
| Cotton | -0.84 | 69.27 | 79.93 |
| Milk | -0.12 | 18.76 | 16.15 |
| Crude Oil | +4.09 | 71.29 | 71.43 |
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Grain and oilseed futures were mixed on the week, retreating after early strength that was aided by the Dec. 10 USDA Supply and Demand report. That USDA report slashed the projected U.S. corn carryout for 2024-25 by 200 million bushels, a much-bigger cut than expected, due to increased exports and corn-use-for-ethanol. While the market rallied on the report, the rally was met by a wave of farmer selling which helped futures run out of steam. USDA left the soybean balance sheet unchanged. South American weather remained a negative market factor with expectations for soybean production starting to rise. Export demand for corn and soybeans has been a positive market factor, although the prime export window is starting to close. Cotton futures were pressured by technical selling and lackluster export demand. The USDA report was mildly friendly for wheat, which was also underpinned by concerns over Russian crop potential. Geopolitical risks remain a potential wildcard for the markets, particularly wheat, thanks to the war between Russia and Ukraine as well as the fall of Syria's government.
In the livestock complex, it was up, up and away for live cattle futures, which were led higher by strong cash markets amid tightening U.S. cattle supplies. A round of profit taking on Thursday and early Friday was short-lived. Supply concerns were fanned on Tuesday when USDA lowered its forecast for 2025 U.S. beef production by 2.3% to the lowest level since 2016 due to restrictions on the importation of cattle originating from or transiting through Mexico. Feeder cattle futures also continued higher on support from cash market strength and renewed corn price weakness. 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 and fourth-quarter slaughter has been lighter than expected.
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